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Three months ago, it was announced that Borders was seeking to combine existing stocks in an attempt to bolster their stock prices to above a dollar. Three weeks ago, they announced that their stocks had risen above a dollar all on their own. The cost cutting and new management policies put into place by Ron Marshall seemed to be working. Investors were impressed and the stock has been rising ever since. Last closing, BGI was traded at $2.62.
Business journals that had recently written off the book retailer are now pointing to BGI’s possible rejuvenation. Reporters, who in February named Borders as one of the top 10 companies guaranteed to fail in 2009, are now heralding a new day at BGI.
Will Marshall’s changes be good for the company? What do you think of Borders’ “turn-around”?
One of the things we do here at the Cadence Group is set up author tours.
It is getting harder and harder to convince stores to agree to host our touring authors. It’s not that they don’t want to offer their customers an event, it’s just that they cannot afford to.
Staff at bookstores nation-wide has been cut very deeply and stores do not have the staff to work an author event.
It is hard to convince a cash-strapped bookstore owner to staff up for an event when there is a good chance no one will show up. The extra staffing costs for even one disappointing evening can kill a store’s profit.
So… my question for you is…. do you go to events at bookstores?