There's No Bailing Out Borders: Book Chain Goes Down Like Sinking Ship
Sometimes bankruptcy works, and sometimes it's just time for a total liquidation. Borders, the big box bookseller who hit financial woes and began shutting down select locations recently, is throwing in the towel, and closing up all of their remaining 399 stores.Liquidation could start as soon as this Friday, says the Wall Street Journal.
Bankruptcy didn't work out so well for the business, as they kept on hemorrhaging cash and not being able to stock new releases from some publishers, who weren't so keen on letting Borders pay their bills "later." No one wanted to invest in the company, or buy them out.
When it comes to the remaining booksellers, in the big box division, Barnes & Noble remains one of the few left standing. Amazon will likely gobble up a big chunk of the Borders customers, as will B&N, and, of course, many have already given up paper for their e-reader of choice. Looking to put your hands on some real books in Los Angeles? Check out our guide to some of our favorite local indie sellers.