More Shoes Dropping
So sneaking out the news on a Sunday night, Borders put out an official press release to say it's not paying publishers for January, and now starting to skip rent payments as well. This follows a press release last week to say that they had a contingency-riddled commitment to new financing. It's going from sad to worse. Borders is so poorly managed right now that it can't even go bankrupt right. As I mentioned on New Year's Eve day, you have to pay your landlord before you pay anyone else, because your landlord is the one person who can change the locks and keep you from accessing your inventory. And if things are so bad you aren't paying your landlord, then you should have just gone into Chapter 11 long before, but as I suggest here that poses ego issues and money issues to some very rich people who've made some bad bets on Borders. Because of those rich person egos, Borders has engaged in a long drawn-out process that has pissed off employees, publish...