Borders Group Inc., the series two U.S. bookstore chain, filed for bankruptcy protection on Wednesday in New York. In the face of competition from Inc. and Wal-Mart Supplies Inc. and after failing to secure agreements with publishers and other vendors about reorganizing its debt Borders went for this disaster.

The 40-year-ancient chain listed $1.29 billion in debt and $1.27 billion in assets in a filing in federal bankruptcy court in Manhattan.  Border’s marketplace value is shrunk by $3 billion since1998. Borders’s initial e-commerce site debuted in 2008.

Borders’ president, Mike Edwards stated “It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with More >

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