Agreed, but if we were able to look at Follett's finances, particularly at the store's where the layoffs occurred, I would say this goes deeper. Online and other retail competition from chains is putting pressure on these stores. Having worked in the college store industry for 10 years there is one thing I see that is going to continue to cause this collapse- fear.
Many college store directors are scared to try something new, to "think outside the box" and try something that is "crazy" or hasn't been done before. They all want to sit back and wait and watch each other and see who is willing to stick their neck out. Then, if that one experiment works, a few more stores, then a few more stores may try it. Problem is, by the time it has become mainstream, the idea has been co-opted by larger retailers. Store directors are cautious by nature, but unfortunately, many are too scared to do what needs to be done- go out and shake up the industry. Rethink it. Redo it. Get their customers to come back because they can do things that online and chain retailers can't do