Borders Group finally files for bankruptcy
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The wait is over. The big news in bookselling today is that Borders Group, the second largest bookstore chain in the US, has filed for bankruptcy protection.
From Forbes:
Bookseller Borders Group said Wednesday it has filed for reorganization relief under Chapter 11 of the bankruptcy code.
The company said the move will give it the opportunity to achieve a proper infusion of capital in order to have time to reorganize and reposition itself to be a successful business in the long term.
Also:
It plans to undertake a strategic store reduction program, cutting about 30% of its store network, to facilitate its repositioning. The stores are expected to close in the next several weeks.
The Wall Street Journal has put up a sortable list of all the announced store closings. Is your local Borders on there?
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This is sad news. I’d love to see the nation’s “#2 bookstore” survive as I’m generally a fan of the underdog. Perhaps more importantly, to me at least, Borders owns Waldenbooks, which is the bookstore that I most often see in malls, train stations, etc., making the joy of “real” (hard-copy) books easily accessible to the general population. I know a lot of people order books online (myself included), but there is a certain joy to scanning the bookshelves, and I like the idea of being able to pick up a copy of “Pride and Prejudice” before boarding a train instead of being limited to a choice of the latest copy of “Cosmopolitan” or “Forbes.”
Thanks for posting.
I never liked Borders as much as Barnes & Noble.