One of these days Borders CEO George Jones is going to wind up summarizing the finanical performance of his company by saying, "The only thing I know to say is that it's been a good year for the roses." Last week, the sad songs were all about closing down the superstores outside North America; now, Jeffrey Trachtenberg reports for the Wall Street Journal, the membership-rewards program feels the axe, with Borders "phasing out its popular Holiday Savings Rewards and Personal Shopping Days benefits and replacing them with a simpler, less-generous promotion called Borders Bucks." In other words, for every $150 you spend with the store, you get a $5 credit you have to exercise within a single calendar month. As Trachtenberg writes, hardly the stuff to impress customers:

"'Why bother?' asked Ron Goodenow, a market research consultant and writer in Northborough, Mass. 'I find that on a lot of things that I'm interested in like music and DVDs that their prices are higher than the competition.' The five dollars, he says, won't mean anything to him. 'It's gratuitous considering how much they've hyped the program.'"

At least now we know where $150 will get you a cup of coffee... In another WSJ story, Annelena Lobb sums up what analysts are saying, and the verdict on Borders stock is mostly neutral, with a few holds, and one recommendation each for outright buying or selling shares now.