Borders files for bankruptcy protection
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Sad news for book publishers.
Borders was once seen as the brainier of the large chains, beginning in 1971 as a used bookstore in Ann Arbor, Mich. In the 1990s, that image began to fade as the chain expanded wildly and helped wipe out many mom-and-pop independent stores. Now the company is set to close some 200 stores and shed much of its staff in the coming weeks. The stores slated for closure are scattered throughout the country, including three outlets in Manhattan, 35 in California and 15 stores in the Chicago metropolitan area.
According to The New York Times, Borders lists $1.29 billion in debt and $1.27 billion in assets. The filing helps shield the company from creditors while it restructures a long term plan for profitability.
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