What is widely considered the primary reason for the bankruptcy and eventual liquidation of Borders Books in 2011?

The retail landscape is littered with once-dominant companies that failed to adapt to changing times. One of the most notable examples in recent history was Borders Books, which went from being a retail giant to complete liquidation. This poll tests your knowledge about this significant retail failure and the factors that contributed to its downfall.

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Failure to develop a robust e-commerce strategy and late entry into the e-book market compared to competitors like Amazon
A massive accounting scandal involving the CEO and CFO that destroyed investor confidence
The company's aggressive international expansion strategy that spread resources too thin
A failed merger attempt with Barnes & Noble that left the company with unsustainable debt