Borders employees penned the “Ode to a dead bookstore” and left it in front of one of their stores as they closed forever this weekend.
Ah, the frustration of working in retail. The customer is always right, but the newly unemployed workers get the last word.
Some times you need to get angry when your company goes broke. A better solution is to laugh. And I hope the Borders employees got at least a bittersweet smile out of this one.
Recently The Wall Street Journal reported on the “Top 10 Dying Industries” in the United States.
Except for the tux rental business, most of the targeted industries were obvious, where technology has made the old industry obsolete. Photofinishing, record stores, and newspaper publishers are a few (complete list below).
There are some industries that are shutting down slower than others. A key reason is habitual buying: consumers keep buying out of habit, inertia, or ignorance. Example: wired telecom providers.
It’s redundant to have a cell phone and a land line. Still, countless times I’ve heard friends say “But I’ve put my home phone number on so many school forms/neighborhood directories/resumes, I can’t possibly get rid of it.” And consumer reluctance to make a change is one reason why the wired telecom industry will die a long, slow death.
Other industries, however, are finding themselves on death row overnight. Video production services, which used to cost a small fortune to create a 30-second ad, can now be done on a Mac with Final Cut Pro, some lights and a camera. Because of this, there are more than a few highly experienced and talented artists looking for new careers.
The complete list of dying industries recorded in The Wall Street Journal include:
Other industries that are obvious choices that haven’t made the list yet:
In response to the WSJ article, DanN wrote:
“Dying industries look bad, but really it just means that capital is being allocated to more efficient industries (electronic books as opposed to paper books, for example). This should increase the standard of living for all b/c it increases productivity and allows labor to allocated to other tasks. The problem is that people are reluctant to change with the times and think their jobs screwing caps on toothpaste tubes should be there forever. This is an old and stupid way of thinking. Dying industries are not a bad thing but you have to willing to adapt (including acquire new skill sets) with the times. If not, you will left behind. People need to take responsibility to plan their own futures (and acquire the skill sets of the future) and not expect someone to give them a job.”
Yes, exactly. That is what adaptability is about. That’s what people do when their companies die: just like a cat, they twist around in mid-air and land on their feet. Somewhere. Which leads to my question of the day.
If you work in a dying industry, why do you stay with it?
UHSRFU47GUTY
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Incredible, isn’t it? I went to update the Memorial Garden, the list of dead companies, today. I expected a quick stop to record the demise of a few more companies. After all, the recession is over, isn’t it?
More than 100 tombstones later, I’m defeated. Companies continue to close, although the rate is slowing. Almost 1.5 million businesses closed in 2009 (2010 data not yet available, the statisticians must have closed shop). California, Florida, and New York were the net losers, with over 400,000 company closures.
Behind these failed companies are real stories of lives affected, some suffering far worse than others, Circuit City’s bankruptcy being one I’m close to.
But from this corporate rubble, two stories grabbed my attention. The first is Dolcis Shoes, a UK company that started in 1863. The company had been steadily losing money while expanding, right up to the financial meltdown and credit crunch. It closed in early 2008.
The Dolcis story – although quite a bit more upscale – reminded me of the movie, “Kinky Boots,” about a UK shoe company that has been hiding its losses by stashing unsold inventory in warehouse closets. When the founder’s son inherits the business, it is about to go under. However, along comes a savior of a most unexpected sort. Unfortunately, Dolcis didn’t find their good samaritan.
The other business failure is a common one, a European soccer club. HFC Haarlem was a Dutch club, started in 1889. They were declared bankrupt in 2010. I imagine a lot of sweat, muddy uniforms and curses haunt their playing fields after all those years. Many “football clubs” have filed for bankruptcy in recent years. I don’t know why – if you do, please let us know by adding a comment below.
Football – the kind with the round ball – is big business. According to Forbes’, Manchester United is the most valuable football club in the world, with an estimated value of $1.83 billion, followed by Real Madrid at $1.32 billion and Arsenal at $1.18 billion. Big expenses, big revenues. It makes sense that a world-wide recession would reduce ticket sales, advertising revenue and sportswear sales.
In the headlines, there are several notable business failures in recent months. BlockBuster and Hollywood Video, the storefront video rental companies, lasted much longer than I expected. With online services like NetFlix serving movies over the Internet to your TV or computer, and on-demand movies from the broadband carriers, I don’t know how they managed to hang around. Ironically, while BlockBuster cratered, I watched more and more Redbox kiosks appear. Redbox offers $1 overnight rentals of DVDs, with a limited selection of popular movies and recent releases.
I couldn’t ignore one final story, if only for the cheap shot taken in the reporting of the bankruptcy. In the Atlanta Bankruptcy Law News, Stephen Tanner reports:
“Anyone who has had the displeasure of dealing with debt collection firms will relish in the news that debt collector Hudson & Keyse LLC has gone bankrupt…”
I suspect that anyone who had been on Hudson & Keyse’s call list was relieved that the calls have ended. They might have felt like the company got what they deserved. But let’s face it: the people who worked for Hudson & Keyse probably didn’t enjoy being hated by the people they had to call. They worked for Hudson & Keyse because they needed a job, and that’s what they could get. Their former employees are welcome to The Dead Company Club too.
What are the latest stories about the “non-recession” from the field?
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“Stay hungry, stay foolish.” — Steve Jobs
If you’re wondering what your next job should be, or suspect/know you’ve settled for a job that’s “good enough,” watch this video. It’s a short speech. Then tell us if you:
Laurie Phillips writes for and about businesses. She spends too much time ricocheting around the Internet.
chilly photo courtesy of flikr.com/fhisa
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“Help is on the way, Dear. Help is on the WAYYYYY!” — Mrs. Doubtfire
Here at The Dead Company Club, we mourn the passing of your former company, be it Land of Leather or Lehman Brothers. If you’ve rebounded and can be philosophical about the experience, that’s awesome. If you think I’m full of it for even suggesting such a state of mind is possible, read on.
Being out of work involuntarily isn’t fun, even if there are lots of others in your ‘hood mowing the grass mid-morning. So stop refreshing your inbox, click over to ILostMyJob.com and let them help. They are there to stabilize, restore and ready you to resume your career or start a new one.
ILostMyJob.com offers suggestions, directions, consultations and useful advice. “Our mission is to do good for people who have lost their jobs, are involuntarily unemployed, and/or are taking steps to getting back to productive employment.”
Their content is a must-bookmark if you’re working on a full-time job search (Is there any other kind?). For instance, if you’re timid about salary negotiations, you might want to read their article first before you follow our example of a job counteroffer.
Have you found other job-seeker sites that are worthy of mention?
Laurie Phillips writes for and about businesses. She specializes in all kinds of stuff.
Thanks to our fun foto provider, gruntzooki at flikr.com.
