For those that think that the economy is going to recover, think again. A year ago, Woolsworth (supermarket chain) went into administration and was subsequently closed down. Now, it seems that Borders bookshops in UK, numbering about 45 stores, are also going into administration. They are now looking for a buyer for those stores and will remain open in the time being.
It seems though that Borders Singapore and Borders UK are under different management. Borders UK is under a private equity firm called Valco while Borders Singapore is under REDgroup Retail, which manages the bookstores for Singapore, Australia and New Zealand. Therefore, I do not think Borders Singapore will be affected by this piece of news.
But still, this does not bode well for traditional brick and mortar businesses. That means the dominoes may still be falling but somehow they are out of view and out of sight. This global recession stems from the financial sector and I don't think it will bounce back up so fast. Today's news even talk about the Dubai government that may default on their borrowings!
Keep your eyes open and be thankful for whatever that you have now, especially your rice bowl.
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