Borders headed for bankruptcy filing

Borders Group, Inc. is finishing up preparations for a bankruptcy filing, according to "people familiar with the matter." The company's financial troubles have been no secret as of late, and those same people familiar with such matters say that the filing could come as early as next Monday, which will be followed by the closure of roughly 200 of its brick and mortar stores, and plenty of job losses. Borders has struggled with its digital presence, including its lack of e-reader (the Kobo partnership came pretty late in the game and isn't really on the same level as Barnes and Noble's Nook or Amazon's Kindle), and its failure to snag a significant market share of online sales. The people familiar with the matter caution that the filing could be delayed by a few days, however, so we'll have to sit on the edges of our seats until sometime next week, probably.

 

[Source: Wall Street Journal via Engadget]

Always sucks to hear about business going bankrupt. Even if the store itself wasn't that great that's still a lot of jobs lost.