Wednesday, February 16, 2011
Borders Bookstores Files for Chapter 11
I remember when it wasn't Borders Bookstores (659 stores) but simply Borders Bookstore (1 store). What was special about the store when there was just one location in downtown Ann Arbor was that it was larger than other independent bookstores and it was said to administer a rather difficult test to prospective staff. In other words, the employees had to be highly knowledgeable about literature and books. When the store was sold, I suppose it could have been predicted that the life cycle would be shortened. Still it makes me sad to see it on the downside although I haven't been in a Borders for years and couldn't tell you where one is located. Plans are to close 200 stores, but that could be just the beginning.
You can read more about the situation at CNN by clicking HERE. And if you want to know what 'declaring' Chapter 11 means, see what Seth Godin has written by clicking HERE.