We heard the news was coming, and now it's official -- Borders, the second-biggest bookstore chain the U.S., has filed for bankruptcy. As expected, the company will continue to operate while it restructures, but it will hardly be the same company it once was. It's being forced to close around 200 (or 30 percent) of its stores, and it may need to close another 75 if it's not able to gain some concessions from landlords, according to Bloomberg. This is news on Engadget, of course, because Borders has also been trying to compete with Amazon and Barnes & Noble beyond its core brick-and-mortar bookselling business in recent years (and not exactly succeeding). While the company hasn't produced its own e-book reader, it has partnered with Kobo to sell its device, and it has established its own e-book store that's also used by its various e-reader apps for smartphones and tablets. There's no indication as of yet that the bankruptcy will affect those endeavors.
Borders files for bankruptcy, plans to keep operating but close 30 percent of its stores originally appeared on Engadget on Wed, 16 Feb 2011 13:47:00 EDT. Please see our terms for use of feeds.
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Bloomberg | Email this | CommentsSource: http://www.engadget.com/2011/02/16/borders-files-for-bankruptcy-plans-to-keep-operating-but-close/
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