What critical strategic error is widely considered the primary reason for the bankruptcy and liquidation of Borders bookstore chain in 2011?

Once a dominant force in book retail, Borders Group was a pioneer that expanded rapidly throughout the 1990s and early 2000s. However, its inability to adapt to changing market conditions led to its eventual downfall. This poll tests your knowledge about one of retail's most notable failures and the economic factors that contributed to its bankruptcy. Understanding retail failures provides valuable insights into market dynamics, digital disruption, and the importance of strategic adaptation.

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Outsourcing their online sales to Amazon in 2001, missing the e-commerce revolution
Expanding too heavily into international markets, particularly in Asia and Europe
Focusing exclusively on rare and collector's edition books instead of mainstream titles
Refusing to stock hardcover books in favor of paperbacks with higher profit margins