FAILED

COMPANIES:
PROFILE AND ILL-
FATED HISTORY

October 18, 2019

PRINCIPLES OF MARKETING
DELA CRUZ, Elgin Aron B.
FABRO, Juliana Denisse R.
LOLA, Megenise Marshall A.
MASULA, Mary Jane M.

Ms. Jessica Sinfuego

Borders Group, Inc.

BORDERS https://
www.collectivecampus.io/blog/
10-companies-that-were-too-
Book and Music Retailer slow-to-respond-to-change

BORDERS (1971-2011)
Founded by: Louis and Tom Borders (brothers)

Employees: 30,000

Sales: $3.27 billion (2001)

Borders Group Incorporated was the second of the three largest bookstore chains in the United
States, based on sales and number of stores. It was the fastest-growing bookstore chain. It
operated 354 superstores under the name Borders Books and Music. The superstores featured
books as well as special events, including live music, story times, and appearances by artists
and authors. The Borders Group subsidiary, Waldenbooks, led all other book companies in the
world in the mall-based book business. Waldenbooks operated stores in over 862 malls and
airports. In addition, Borders Group's efforts at international expansion had led to the
establishment of Borders bookstores in the United Kingdom, Australia, Singapore, New
Zealand, and Puerto Rico. Borders Group, Inc. also has 32 bookstores in the United Kingdom
operating under the name Books Etc. (“Borders Group, Inc. - Company Profile, Information,
Business Description, History, Background Information on Borders Group, Inc.,” 2019).

The goal of Borders Group, Inc. was to be the best-loved provider of books, music, video and
other entertainment, as well as educational and informational products and services. Borders
strived to be the world leader in selection, service, innovation, ambiance, community
involvement, and shareholder value (Borders Group, Inc. - Company Profile, Information, Business
Description, History, Background Information on Borders Group, Inc., 2019).
QUICK HISTORY TIMELINE

1971. Louis and Tom Borders found the Borders shop and became an independent used bookstore in Ann
Arbor, Michigan, serving the bustling academic community of its university and colleges.
1973. They opened two more bookstores and started a wholesaling business called BIS (Book Inventory
Systems).
1985. Their first prototype large-scale retail store was opened, and it was a success, the rise of similar
competing stores setting the retail book industry on its ear.
1988. A net income of $1.9 million from sales of $32.3 million was brought by their five Midwest
bookstores and BIS’s bustling service numbering 14 bookstore clients.
1990. Analysts considered Borders the premier superstore chain.
1992. Borders had quadrupled its size and was bought by Kmart Corporation to be merged to
Waldenbooks.
August 1994. Borders and Waldenbooks formed Borders group Inc. to break free from Kmart.
1995. Company purchases Borders stock held by Kmart; Borders Group, Inc. makes initial public
offering.
1996. Company closes more than 100 Waldenbooks locations; focuses on superstore development.
1997. Borders Online, Inc. created to establish electronic sales operations; stores open in United
Kingdom and Singapore.
1998. Company launches Borders.com Web site.
2001. Company teams with Amazon.com to launch a co-branded Web site.
(“Borders Group, Inc. - Company Profile, Information, Business Description, History, Background
Information on Borders Group, Inc.,” 2019).
2003. The business is at its peak.
2006. Bill Ackman’s Pershing Square takes 11 percent stake in Borders, saying its shares are
undervalued and could rise to $36 from $23.92. Ackman says fears of the threat from online retailer
Amazon.com are “exaggerated.”
2008 March. Says it might put itself up for sale, but never finds a buyer. It also gets $42.5 million loan
from Ackman’s firm and says it would have faced imminent liquidity problems without it.
2008 May. Barnes & Noble puts together a team to look at a merger with Borders. Separately,
Borders launched its own web site.
2009 April. Says it expects only 50-60 of its Waldenbooks stores to survive in the long term. It had
564 in 2006.
2010 Jan 28. Announces cuts of 10 percent of corporate jobs.
2010 March 31. Repays $42.5 million loan to Pershing Square, gets more credit and posts a profit on
cost cuts. Shares jump.
2010 July 7. Launches e-bookstore, eight months after Barnes & Noble.
2010 Dec 6. Ackman offers to finance a merger with larger rival Barnes & Noble Inc.
2011 January 27. Borders says it gets conditional refinancing commitment from GE Capital and
warns it may seek an “in court restructuring,” meaning a Chapter 11 bankruptcy filing.
2011 January 30. Borders says it is delaying payment to vendors and landlords, among other
creditors.
2011 Feb 4. Borders gets warning from New York Stock Exchange about low share price, says it
could be delisted.
2011 Feb 16. Borders files for Ch. 11 bankruptcy protection in Manhattan.
(Reuters Editorial, 2011)

CAUSE OF FAILURE

Sadly, Borders closed all its retail locations and sold off its customer loyalty list, comprising millions of

names, to competitor Barnes & Noble for US$13.9 million. Borders' locations have since been purchased

and repurposed by other large retailers (10 Companies That Failed To Innovate, Resulting In Business

Failure | Collective Campus, 2010). The following are the causes of its unfortunate failure as stated

by (The 8 Reasons Borders Went Bye-Bye | Business Insurance Quotes: Compare Providers for Free,”

2011):

1. No profit in five years: The last time Borders actually turned

a profit was in 2006. Borders was hit extremely hard during
the financial crisis and the business continued to suffer,
never regaining its lost sales.
2. Management missteps: Borders demise
was certainly caused by management errors that happened during the
company’s weakest years. The company management made some risky
moves when it changed the Borders Rewards loyalty program and closed
the music and video department in each store. To make matters worse, the
company continued to hire people who had little interest and knowledge
about books and authors, including four CEOs who lacked book-selling experience.
3. Debt: For the last few years, Borders has been swimming in debt
and in need of a miracle to keep them afloat. After the 2008
announcement that Borders would be selling the chain because
of financial issues, it increased its debt by borrowing $42.5
million from the company’s major stockholder, Pershing Square
Capital Management. Borders used the money to remodel stores
and upgrade technology to compete with rival Barnes & Noble, and surprisingly paid back the
lender. Despite Borders debt restructuring attempts, it did not see an increase in book sales
and the company continued to crumble. In February 2011, the company filed for Chapter 11
bankruptcy and claimed to be in debt of $1.29 billion and assets of $1.28 billion as of
December 2010. Since then, the company has struggled to get publishers to accept delayed
payments for shipped merchandise.
4. Outsourcing their website to Amazon.com: In 2001, Borders
made a daring and downright damaging business move when it
partnered with Amazon.com and allowed the competitor to run its
online sales business. From 2001 to 2008, Amazon.com was
responsible for running Borders website, which kept the
bookstore from truly competing in the electronic book market.
Outsourcing their site to Amazon.com also hurt Border’s online presence, therefore, causing
the bookstore to fall behind its competitors and the times.
5. Behind on technology and e-commerce: Borders fell behind the
times and its competitors when it failed to get involved in
electronic books and e-commerce. Sure, Borders partnered with
Amazon.com to run its online sales and finally launched its own
e-commerce site in 2008 and the company even created its own
Kobo e-book reader in 2010, but the fact still remains that
Borders lagged behind. Not only did Borders abandon management of its website and online
sales, but it also failed to catch on to and emphasize the importance of electronic books,
which drastically hurt the company’s sales and overall presence.
6. Invested in too many stores: Borders had a huge U.S. and
international presence, thanks to the company’s expansion
efforts. And instead of developing its own e-commerce site and
jumping on the e-reader bandwagon early like its competitors,
Borders decided to add superstores and focus on its international
business during these crucial times in the book industry.
Although Borders had hundreds of stores worldwide, too many of them were unprofitable.
When Borders filed for bankruptcy, it stated that several of its stores cost the company $2
 million a week to keep running. Borders will close the remaining 399 stores that employ about
11,000 people.
7. Ignored declining music and DVD sales: Borders definitely
missed the beat on changing its business strategy during the
decline of music and DVD sales. While these sales were down,
electronic books were gaining popularity, but Borders failed to
emphasize the importance of this new technology. The result
was a dramatic decline in Borders profits as other, more flexible
competitors embraced technology.
8. Category management initiative: When Borders implemented
the retailing concept of category management in 2001, the
company and its business operations were forever changed. The
category management program controlled the number of titles
that were sold for each genre. Borders created specialized
categories for its books, gifts, children’s, multimedia, stationery,
calendars, cafe and other products. Each category was assigned its own sales, marketing
and merchandising team that strove to respond to customer needs and provide more data to
stores; however, this practice was heavily criticized for putting large publishers before small
presses, therefore giving customers fewer options when it came to choosing a market.
Enron Corporation

ENRON https://www.google.com/url?
sa=i&source=images&cd=&ved=
2ahUKEwiV5YfYgKPlAhUWMd4
KHRAWABoQjRx6BAgBEAQ&url
Energy, Commodities and
Services Company

ENRON (1985-2001)
Founded by: Kenneth Lay

Predecessor: InterNorth and Houston Natural Gas

Employees: 21,000

Revenue: $101 billion (2000)

Enron Corporation used to be one of the American energy companies which was based in Texas
(Houston). The company was named for six consecutive years as the most Innovative Company in
America (Fortune). Gibney (2011) mentioned that the company was formed as a result of merging of
InterNorth and Houston Natural Gas which happened in the year 1985 (A Description of the
Introduction and Company Profile of Enron Corporation | Kibin, 2019).
Enron’s stated goals are to become the largest retailer of electricity and natural gas in the United
States and the largest provider of both in Europe. Its mission is "to become the most innovative
integrated natural gas company in North America
(Enron Corporation - Company Profile, Information, Business Description, History, Background
Information on Enron Corporation, 2019).
https://www.referenceforbusiness.com/history2/51/Enron-Corporation.html#ixzz62bk9ANS3

HISTORICAL TIMELINE:

InterNorth, Inc. and Houston Natural Gas Corp. merged and the company’s name was
1986 changed to Enron and the headquarters was placed in Houston, Texas.

Enron reaped the benefits of the merger increasing market share from 14 percent to 18
1990 percent.

Enron became the largest seller of natural gas in North America by 1992, its trading of gas
contracts earned $122 million (before interest and taxes), the second largest contributor to
1992 the company's net income.

The first overseas power plant in Teesside, England was built and became the largest gas-
fired cogeneration plant in the world and others were subsequently built in over 11 countries
1991
which earnings, later on, accounted for 25 percent of total company earnings.
Earlier projects were going badly and they spend heavily to advertise and lobby for
1997 deregulation.

Enron advanced into newly deregulated California electricity market.

1998

The company admitted that it lost $100 million a year in its retail push and halted its efforts to
expand into California. Instead, they launched EnronOnline that traded gas and electricity,
1999 and Enron Broadband Services, which traded capacity in telecommunications bandwidth.

Its stock began to rise to 87 percent.

2000

Month of April- Enron’s stock had fallen almost by half.

2001
Month of August- Enron’s top executives began selling off their own holdings and Jeffrey
Skilling abruptly resigned, citing only personal reasons.
2001
Month of December- It was revealed that the Enron’s core business was floundering and
an estimation of “about $2 billion on Telecom capacity, $2 billion in water investments, $2
billion in a Brazilian utility, and $1 billion on a controversial electricity plant in India”. Shortly
2001 thereafter, the company announced that actually it had been misstating its earnings since
1997. Finally, Enron filed for bankruptcy.
(Enron Corporation - Company Profile, Information, Business Description, History, Background
Information on Enron Corporation, 2019)

CAUSE OF FAILURE:
Enron's complex financial statements were confusing to shareholders and analysts. In addition, its
complex business model and unethical practices required that the company use accounting
limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.
The combination of these issues later resulted in the bankruptcy of the company, and the majority of
them were perpetuated by the indirect knowledge or direct actions of Lay, Jeffrey Skilling, Andrew
Fastow, and other executives such as Rebecca Mark. Lay served as the chairman of the company in
its last few years, and approved of the actions of Skilling and Fastow, although he did not always
inquire about the details. Skilling constantly focused on meeting Wall Street expectations, advocated
the use of mark-to-market accounting (accounting based on market value, which was then inflated)
and pressured Enron executives to find new ways to hide its debt. Fastow and other executives
"created off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few
people could understand them."
In addition to being the largest bankruptcy reorganization in American history at that time, Enron was
cited as the biggest audit failure.

Revenue recognition & Fraudulent accounting activities

Enron in contrast to other trading companies (who
employed “agent model”), elected to report the entire
value of each of its trades as revenue. They used a
“merchant model” that was considered much more
aggressive in the accounting interpretation than the
agent model. Enron's method of reporting inflated.
This model was then later adopted by other
companies in the energy trading industry in an
attempt to stay competitive with the Enron’s large
increase in revenue. Other energy companies such
as Duke Energy, Reliant Energy, and Dynegy joined
Enron in the wealthiest 50 of the Fortune 500 owing mainly to their adoption of the same trading
revenue accounting as Enron.
Enron also used creative accounting tricks and purposefully mis-classified loan transactions as sales
close to quarterly reporting deadlines. In Enron's case, Merrill Lynch bought Nigerian barges with a
buyback guarantee by Enron shortly before the earnings deadline. Enron mis-reported the bridge
loan as a true sale, then bought back the barges a few months later. Merrill Lynch executives were
later tried and convicted for aiding Enron in its fraudulent accounting activities.
Mark-to-market accounting
One of Skilling's early contributions was to transition Enron's
accounting from a traditional historical cost accounting
method to mark-to-market (MTM) accounting method, for
which the company received official SEC approval in 1992.
He demanded that the trading business adopt mark-to-
market accounting, claiming that it would represent "true
economic value." Enron became the first nonfinancial company to use the method to account for its
complex long-term contracts. MTM is a measure of the fair value of accounts that can change over
time, such as assets and liabilities. Mark-to-market aims to provide a realistic appraisal of an
institution's or company's current financial situation, and it is a legitimate and widely used
practice. However, in some cases, the method can be manipulated, since MTM is not based on
"actual" cost but on "fair value," which is harder to pin down. Under this method, income from projects
could be recorded, although the firm might never have received the money, with this income
increasing financial earnings on the books. MTM was the beginning of the end for Enron as it
essentially permitted the organization to log estimated profits as actual profits.

In July 2000, Enron and Blockbuster Video signed a 20-year agreement to introduce on-demand

entertainment to various U.S. cities by year's end. After several pilot projects, Enron claimed
estimated profits of more than $110 million from the deal, even though analysts questioned the
technical viability and market demand of the service. When the network failed to work, Blockbuster
withdrew from the contract. Enron continued to claim future profits, even though the deal resulted in a
loss.
Special purpose entities
Enron used special purpose entities—limited
partnerships or companies created to fulfill a temporary
or specific purpose to fund or manage risks associated
with specific assets. The company elected to disclose
minimal details on its use of "special purpose entities."
These shell companies were created by a sponsor, but
funded by independent equity investors and debt
financing. For financial reporting purposes, a series of
rules dictate whether a special purpose entity is a
separate entity from the sponsor. In total, by 2001,
Enron had used hundreds of special purpose entities to hide its debt. Enron used a number of special
purpose entities, such as partnerships in its Thomas and Condor tax shelters, financial asset
securitization investment trusts (FASITs) in the Apache deal, real estate mortgage investment
conduits (REMICs) in the Steele deal, and REMICs and real estate investment trusts (REITs) in the
Cochise deal.
The special purpose entities were Tobashi schemes used for more than just evading accounting
conventions. As a result of one violation, Enron's balance sheet understated its liabilities and
overstated its equity, and its earnings were overstated. Enron disclosed to its shareholders that it
had hedged downside risk in its own illiquid investments using special purpose entities. However,
investors were oblivious to the fact that the special purpose entities were actually using the
company's own stock and financial guarantees to finance these hedges. This prevented Enron from
being protected from the downside risk. Notable examples of special purpose entities that Enron
employed were JEDI, Chewco, Whitewing, and LJM.
Corporate governance
On paper, Enron had a model board of
directors comprising predominantly outsiders with
significant ownership stakes and a talented audit
committee. In its 2000 review of best corporate
boards, Chief Executive included Enron among its five
best boards. Even with its complex corporate governance
and network of intermediaries, Enron was still able to
"attract large sums of capital to fund a questionable business model, conceal its true performance
through a series of accounting and financing maneuvers, and hype its stock to unsustainable levels."
 Executive Compensation

The company was constantly emphasizing its stock

price, Enron’s reward system contributed to a
dysfunctional corporate culture that became obsessed
with short-term earnings to maximize bonuses.
Employees constantly tried to start deals, often
disregarding the quality of cash flow or profits, in order
to get a better rating for their performance review.
Additionally, accounting results were recorded as soon
as possible to keep up with the company's stock price. This practice helped ensure deal-
makers and executives received large cash bonuses and stock options.
 Risk management

Risk management was crucial to Enron not

only because of its regulatory environment,
but also because of its business plan. Enron
established long-term fixed commitments
which needed to be hedged to prepare for
the invariable fluctuation of future energy
prices. Enron's bankruptcy downfall was
attributed to its reckless use of derivatives,
aggressive accounting practices and special
purpose entities. By hedging its risks with special purpose entities which it owned, Enron
retained the risks associated with the transactions. This arrangement had Enron implementing
hedges with itself.
 Financial audit

Enron's auditor firm, Arthur Andersen, was accused of

applying reckless standards in its audits because of
a conflict of interest over the significant consulting
fees generated by Enron. During 2000, Arthur
Andersen earned $25 million in audit fees and $27
million in consulting fees (this amount accounted for
roughly 27% of the audit fees of public clients for
Arthur Andersen's Houston office). The auditor's
methods were questioned as either being completed solely to receive its annual fees or for its
lack of expertise in properly reviewing Enron's revenue recognition, special entities,
derivatives, and other accounting practices.
Revelations concerning Andersen's overall performance led to the break-up of the firm, and to
the following assessment by the Powers Committee (appointed by Enron's board to look into
the firm's accounting in October 2001): "The evidence available to us suggests that Andersen
did not fulfill its professional responsibilities in connection with its audits of Enron's financial
statements, or its obligation to bring to the attention of Enron's Board (or the Audit and
 Compliance Committee) concerns about Enron's internal contracts over the related-party
transactions".

 Audit committee

Corporate Audit committees usually meet just a few

times during the year, and their members typically
have only modest experience with accounting and
finance. Enron's audit committee had more expertise
than many. It included: Robert Jaedicke of Stanford
University, a widely respected accounting professor
and former dean of Stanford Business School; John
Mendelsohn, President of the University of
Texas M.D. Anderson Cancer Center; Paulo
Pereira, former president and CEO of the State Bank of Rio de Janeiro in Brazil; John
Wakeham, former United Kingdom Secretary of State for Energy and Parliamentary Secretary
to the Treasury; Ronnie Chan, Chairman of Hong Kong Hang Lung Group and Wendy
Gramm, former Chair of U.S. Commodity Futures Trading Commission. They were all
successful in their fields but failed to fulfil their duties.
Enron's audit committee was later criticized for its brief meetings that would cover large
amounts of material. In one meeting on February 12, 2001, the committee met for an hour and
a half. Enron's audit committee did not have the technical knowledge to question the auditors
properly on accounting issues related to the company's special purpose entities. The
committee was also unable to question the company's management due to pressures on the
committee. The United States Senate Permanent Subcommittee on Investigations of the
Committee on Governmental Affairs' report accused the board members of allowing conflicts of
interest to impede their duties as monitoring the company's accounting practices. When
Enron's scandal became public, the audit committee's conflicts of interest were regarded with
suspicion.
 Ethical and political analyses

Commentators attributed the mismanagement

behind Enron's fall to a variety of ethical and
political-economic causes. Ethical explanations
centered on executive greed and hubris, a lack of
corporate social responsibility, situation ethics,
and get-it-done business pragmatism. Political-
economic explanations cited post-1970s deregulation, and inadequate staff and funding for
regulatory oversight. A more libertarian analysis maintained that Enron's collapse resulted from
the company's reliance on political lobbying, rent-seeking, and the gaming of regulations.
Other accounting issues
Enron made a habit of booking costs of cancelled projects as assets, with the rationale that no official
letter had stated that the project was cancelled. This method was known as "the snowball", and
although it was initially dictated that such practices be used only for projects worth less than $90
million, it was later increased to $200 million.
In 1998, when analysts were given a tour of the Enron Energy Services office, they were impressed
with how the employees were working so vigorously. In reality, Skilling had moved other employees
to the office from other departments (instructing them to pretend to work hard) to create the
appearance that the division was larger than it was.This ruse was used several times to fool analysts
about the progress of different areas of Enron to help improve the stock price.
________________________________________________________________________________
The Enron Scandal, publicized in October 2001, eventually led to the bankruptcy of the Enron
Corporation, an American energy company based in Houston, Texas, and the de facto dissolution
of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the
world.
 Enron was formed in 1985 by Kenneth Lay after merging Houston Natural
Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed
a staff of executives that – by the use of accounting loopholes, special purpose entities,
and poor financial reporting – were able to hide billions of dollars in debt from failed
deals and projects. Chief Financial Officer Andrew Fastow and other executives not only
misled Enron's Board of Directors and Audit Committee on high-risk accounting
practices, but also pressured Arthur Andersen to ignore the issues.
 Enron shareholders filed a $40 billion lawsuit after the company's stock price, which
achieved a high of US$90.75 per share in mid-2000, plummeted to less than $1 by the
end of November 2001. The U.S. Securities and Exchange Commission (SEC) began
an investigation, and rival Houston competitor Dynegy offered to purchase the company
at a very low price. The deal failed, and on December 2, 2001, Enron filed for
bankruptcy under Chapter 11 of the United States Bankruptcy Code. Enron's $63.4
billion in assets made it the largest corporate bankruptcy in U.S. history
until WorldCom's bankruptcy the next year.
 Many executives at Enron were indicted for a variety of charges and some were later
sentenced to prison. Andersen was found guilty of illegally destroying documents
relevant to the SEC investigation, which voided its license to audit public companies
and effectively closed the firm. By the time the ruling was overturned at the U.S.
Supreme Court, the company had lost the majority of its customers and had ceased
operating. Enron employees and shareholders received limited returns in lawsuits,
despite losing billions in pensions and stock prices.
 As a consequence of the scandal, new regulations and legislation were enacted to
expand the accuracy of financial reporting for public companies. One piece of
legislation, the Sarbanes–Oxley Act, increased penalties for destroying, altering, or
fabricating records in federal investigations or for attempting to defraud
shareholders. The act also increased the accountability of auditing firms to remain
unbiased and independent of their clients.
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