BORDERS Bookstores Expected To Close Their Doors
Borders, once the second-largest U.S. book-seller chain, filed for Chapter 11 bankruptcy protection in February and faces the predicament of going out of business altogether.
An auction in bankruptcy court for Borders Group Inc (BGPIQ.PK) was scheduled to take place in Manhattan today. A group of liquidators has been made the "stalking horse," and sources told Reuters no other bids have been made for the company in its entirety. (This site has the complete time-line of Borders from its beginning to now)
According to The Washington Post, the iconic bookstore chain, founded in 1971 by brothers Tom and Louis Borders, filed for Chapter 11 bankruptcy reorganization this morning, weighed down under crushing debt and unable to successfully navigate rapid changes in consumer behavior.
Apparently, one of the major reasons for the bookstore’s failure is the popularity of digital downloads; e-readers like Amazon's Kindle, tablet computers like Apple's iPad or Samsung Galaxy. These e-readers provide electronic alternatives to books. Several reasons for avid readers to switch is due to less weight and bulk in bags, easy to read and adjustable fonts, plus in the long run the price is less for the downloads.
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The end of Borders would leave Barnes & Noble as the only remaining national bookstore chain.
Perhaps this is good news for smaller privately owned bookstores and smaller book suppliers. Another alternative is “used bookstores” as the price of new books has become overwhelming for many purchasers.
This is just another one of the many large companies that have had to close their doors this year. I will be sad, as I always look for Borders when I am on vacation. I know the quality of the store and can always find a great vanilla latte there. I prefer their coffee which is “Seattle’s Best”. I guess I will have to go to the “Big S” now!
My Store: Here is our Victoria Gardens Borders store in Rancho Cucamonga, CA. It is a lovely store and I will be very sad if it closes.
Interesting Link from a Disgruntled Reader. *I was at this store last week while in Philadelphia, PA.
I bet many of us have some great memories of the Borders Bookstores in your community or during your travels?
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