Borders is teetering on the edge of financial collapse and now the Wall Street Journal reports that Barnes & Noble, while not as bad off as its main competitor, is feeling some pain…and expecting more. B&N chairman Leonard Riggio wrote an internal memo that says, in part:
Never in all of the years I've been in business have I seen a worse outlook for the economy. And never in all my years as a bookseller have I seen a retail climate as poor as the one we are in. Nothing even close. […] Barnes & Noble, too, has suffered from this crisis, albeit not as severely as most retailers, and certainly not as much as other booksellers. As you know, our comparable store sales have declined for the first time in our history. As a result, we are bracing for a terrible holiday season, and expect the trend to continue well into 2009, and perhaps beyond.