Here is a brief section of an interview by AnnArbor.com with Borders CEO Mike Edwards about the ongoing bankruptcy, and his surprised reaction to how fast e-books and tablets have impacted the publishing industry.
AnnArbor.com: With e-books, how fast do you see the transition occurring? Are you surprised by how fast it’s occurring already?
Yes. I joined the company just a little over a year and a half ago. When I joined, e-books were less than 1 percent of the market. The Kindle was out but it didn’t have the traction. The Nook had just been released. The Apple product wasn’t even on the market.
Within a year it went from 1 percent to almost 10 to 11 percent of the total publishing sales. That is a radical transformation. And that comes at the expense of physical books.
That profound impact on the retail traffic puts a lot of pressure on not just our bookstore, but all bookstores. So I was surprised to see it move that fast. I don’t anticipate it slowing down any time soon.