Borders Files for Chapter 11 Bankruptcy Protection

I’m not a huge Borders fan but if they end up closing their branch near me I’m down to only Barnes and Noble as a place I can physically go and buy books within driving distance of my home.

Borders Group Inc. filed for Chapter 11 protection Wednesday and said it will close about 30% of its stores nationwide in the coming weeks.

The struggling operator of the Borders and Waldenbooks chains sought protection from its creditors in the U.S. Bankruptcy Court in Manhattan a month after it warned it may have to restructure the company in Chapter 11.

“It has become increasingly clear that in light of the environment of curtailed customer spending… and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor,” said Borders Group President Mike Edwards in a statement.

Update:

Here’s a list of which stores they’ll be closing.

Comments

7 Comments so far. Leave a comment below.
  1. Glad I have Powell’s near me, even though they’ve had to lay some workers off too I don’t expect they’ll go away anytime soon.

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  2. Maybe an independant or two will oepn and fill the void for ya.

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  3. jen,

    Makes me very sad. The one half a mile from my house that I always walk to will be closing. As an Ann Arbor native, it was always my favorite chain store. Oh well, there’s a good independent bookstore a block away as well, though it’s only mystery/fantasy/scifi. That covers half of my book wants anyway, but it’s too small for pure browsing.

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  4. wileybot,

    The day of walking around, looking at covers and reading flaps is probably coming to an end.. Kind of like the fall of the record store.

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  5. Kodie,

    I think they suffered when they make it so comfortable to sit around in those stuffed chairs reading as many books as you want without paying for any of them.

    I was in the Borders in Downtown Crossing when it was brand new and had never heard before of Borders. I liked that I could go to the music section and they had headphones and select a variety of CDs and you could listen to them, I used to like to hear a song and go listen to it and leave. It was so shiny and promising and I liked it better than Barnes & Noble. The last time I was there, the bathroom was worse than a porta-potty at the county fair by week’s end. Actually, the last several times I’ve ever been in Borders and had to use the bathroom, it was a case of “how bad do you really need to go?” I would rather have squatted in the alley.

    Anyway, why not use the library? As many books as you want for free.

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  6. le_sacre,

    How far is it to the nearest library? And do they have interlibrary loan?

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  7. stan,

    This was a planned part of the Republican platform. They said they were going to close our borders.

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