An author there shopped their "book" around to dozens of publishers only to be turned down. In her words, "The novel is a thing of the past" mainly due to the fact that most of what is being published is either by established writers or newbies that are paid to play, so to speak. They are willing to write for a wide audience and do it well enough to sell books for the publisher.
Borders booksellers went under too. The generation of waste and excess is coming to a close, only the strongest companies will stay afloat and the weaker ones in a best case scenario will be bought or at worst, become nothing but a name that used to be synonymous with profitability.