The Wall Street Journal reports that Borders is headed for bankruptcy:
Borders Group Inc. is in the final stages of preparing a bankruptcy filing, clinching a long fall for a company with humble beginnings that helped change the way Americans buy books but failed to keep pace with the digital transformation rocking every corner of the media landscape.My recent visits to a local Borders have left me feeling embarrassed: fewer and fewer books worth buying, more and more trinkets, T-shirts, and empty space. (I get embarrassed in stores that are obviously struggling.) In the past thirty days, Borders has sent me twenty-two e-mails, hawking chocolate, coffee, flowers, the Kobo eReader, wine — oh, and books. It’s sad: everything the company has done to bring in more money seems to give the dedicated reader less reason to feel good about going to Borders.
The troubled Ann Arbor, Mich., bookseller could file for Chapter 11 bankruptcy-protection as soon as Monday or Tuesday, paving the way for hundreds of store closings and thousands of job losses, said people familiar with the matter.
Borders Books and Music in trouble (2008)
Goodbye, Pages for All Ages