When it comes to companies lacking in any kind of strategic direction, it's hard to top Border Group (NYSE: BGP). In the midst of its efforts to sell itself, Borders recently launched its own e-commerce site to compete with better-financed, and just plain better, rivals like Amazon.com (NASDAQ: AMZN) and Barnes and Noble (NYSE: BKS).

Browsing NewYorkTimes.com this morning, I noticed a banner ad for "the new Borders.com: Free shipping on orders over $25."

Man, that should do a lot to lure customers away from Amazon and Barnes & Noble. Oh, wait. No it won't, because both of those sites offer exactly the same deal. And, just to add insult to injury, so does Books-A-Million (NASDAQ: BAMM).

Basically, Borders has a weak balance sheet and, in the midst of its efforts to put its shareholders out of their misery with a sale, is blowing money on capital expenditures that will give the company the same service as competitors: meaning that most strategic buyers won't pay any extra for the e-commerce site.

The stock's low price has attracted brilliant investors like William Ackman, but given that the company is continuing to make value-destroying decisions, I don't think it's a stock investors should go near.


More Borders coverage:
Does Borders have any idea what it's doing?
Borders goes digital
Borders is for sale
Why would Barnes & Noble buy Borders?