Just like a poorly written mystery, the plotline was obvious. The papers have been filed for Borders, the US’s number two bookseller.
Embattled Borders: Filing Complete
The ranking isn’t exactly accurate. Borders is the second largest ‘traditional’ bookseller in the US, in that it maintains storefronts across the country where customers can visit and touch the merchandise before shelling out dollars.
Amazon, the heavyweight in the book business, is drawing partial blame for the Chapter 11 bankruptcy filing by Borders. Other market observers point out that Borders was late in the electronic reading room, and that its eventual online internet presence was ultimately too little, too late. The paperwork will allow Borders to restructure while the court holds off creditors.
Already, 200 stores are on the chopping block, along with some 6,000 jobs nationwide. The sites to be shuttered are ‘superstores’ that are largely underperforming due to staffing and rent issues, and the closings will begin this weekend.
No word as yet as to whether Tulsa locations are at risk.