Slate talks about Borders' demise in 'Readers Without Borders'.
As George Mason economist Tyler Cowen observed poignantly: "Not one single investor, in the whole wide world, thought Borders had a real economic future."
I tend to belong to the camp that doesn't pay much attention to economists' post-hoc statements. It's easy to say something didn't have 'a real economic future' in hindsight.
The company itself gave three reasons for its demise in its corporate communication-cum-suicide note. "We were all working hard towards a different outcome," President Mike Edwards said. "[B]ut the headwinds we have been facing for quite some time, including the rapidly changing book industry, e-reader revolution and turbulent economy, have brought us to where we are now."
The article goes into four reasons that Slate feels were the root cause of Borders' problems.
Read the article here: http://www.slate.com/id/2299642/