Just last month, the book chain Borders was being touted as a possible buyer of Barnes & Noble. Today, Borders itself is struggling to survive. How bad is it? Let's roll the most recent low-lights.
- Borders began the new year by informing book publishers that it won't be able to pay them what they're owed. Just for a week or two, they promise! At this very minute, Borders' CEO is holding meetings with publishers in New York in which he will grovel and issue reassurances like a common slacker who's always short on the rent.
- Borders insiders, the ones who know exactly what kind of shape the company is in, are sending a clear message: the general counsel and chief information officer both resigned yesterday. We won't give away what the message is.
- Meanwhile, Barnes & Noble, which seemed to be struggling for its life just months ago, had a great holiday season. Looks like that acquisition won't be happening any time soon.
- Borders itself has not released its holiday sales data yet. Hmm.