The Next Chapter: Borders Book Stores to File Bankruptcy
Borders, one of the country's last remaining multi-state book retailers, is expected to file for bankruptcy early next week. "This is likely to be ugly," says LA Observed, noting: "Initial plans are to close about 200 of the chain's 674 stores, with an option to shut down another 50. That's thousands of lost jobs." LAO says they counted around 35 SoCal stores on the Borders site.
The problem: Big time cash problems. Several bills haven't been paid since late 2010, and the company has been pushed to "to use bankruptcy proceedings to close stores and become more viable, said a person familiar with the situation," per the WSJ.