Despite several CEOs' best turnaround efforts, Borders bookstores are no more. The liquidated chain's last CEO opens up on just what went wrong — and what other retailers can take away.

I mean, you can't walk in and take a book off the shelf and put it in your jacket and walk out -- but there's no law that says you can't walk into the store with a book in your jacket and put it on the shelf, is there? Nah. It was a genius strategy, I thought, congratulating myself.

Indigo Books and Music Inc. is working hard to reinvent itself in the face of competition from giants like Amazon, Costco and Walmart.