Borders Group, the parent of Borders, Borders Express, and Waldenbooks, is reportedly near filing for Chapter 11 bankruptcy protection. The filing could come as early as next week. It's also been reported that the bookseller may shut as many as 200 of their stores.
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Borders Reportedly Nearing Bankruptcy
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graphichris
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Re: Borders Reportedly Nearing Bankruptcy
They filed for bankruptcy today and will close over 260 stores at the end of April
Here's a list from their reorganization website
http://www.bordersreorganization.com/Re ... e_List.pdf
Here's a list from their reorganization website
http://www.bordersreorganization.com/Re ... e_List.pdf
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dcpeachy
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Re: Borders Reportedly Nearing Bankruptcy
They are only closing two of five NM stores. Santa Fe-Sanbusco and Albuquerque-Cottonwood are closing. The other store in Santa Fe (Cerillos/Zafarano) and two stores in Albuquerque (ABQ Uptown and North Towne) are staying open. I went to the Cottonwood store last night and they have already moved a lot of merchandise at only 20% for books.
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Brian Lutz
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Re: Borders Reportedly Nearing Bankruptcy
Word going around today is that all remaining stores will now be shut down by September.
Re: Borders Reportedly Nearing Bankruptcy
A deal by an investor to buy Borders fell through. Liquidation is the only possible outcome for Borders. No one besides liquidators wants to buy the company due to its debt.
Many years ago Borders was a very successful business. People loved buying their books from Borders because of the selection in their huge stores.
However, the internet purchasing has changed everything. Now people can get much lower prices from online merchants.
Barnes & Noble has also been struggling, however they managed to change with the times. Barnes & Noble sells E-books and E-book readers. This is keeping them somewhat alive. Borders was too slow and did not embrace E-books and E-book readers in time.
Borders was once known for putting independent bookstores out of business. Now Borders is the one that is going out of business. Independent bookstores might actually gain some business in the short term, however their days are numbered also. People simply aren't buying books. People are reading things from the internet or buying E-books.
As for Barnes & Noble, their stores are now basically surviving due to their cafes and E-book sales. I only go to Barnes & Noble to visit the cafe and then I browse through their books. I don't buy anything in the store. If I want to buy something, I order it online after viewing what the book looks like in the store.
Many years ago Borders was a very successful business. People loved buying their books from Borders because of the selection in their huge stores.
However, the internet purchasing has changed everything. Now people can get much lower prices from online merchants.
Barnes & Noble has also been struggling, however they managed to change with the times. Barnes & Noble sells E-books and E-book readers. This is keeping them somewhat alive. Borders was too slow and did not embrace E-books and E-book readers in time.
Borders was once known for putting independent bookstores out of business. Now Borders is the one that is going out of business. Independent bookstores might actually gain some business in the short term, however their days are numbered also. People simply aren't buying books. People are reading things from the internet or buying E-books.
As for Barnes & Noble, their stores are now basically surviving due to their cafes and E-book sales. I only go to Barnes & Noble to visit the cafe and then I browse through their books. I don't buy anything in the store. If I want to buy something, I order it online after viewing what the book looks like in the store.