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Borders Group Inc Files for Bankruptcy
Feb 16th
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 Amazon.com 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 >