In February, Borders Group and its bookstores filed voluntary petitions under Chapter 11 of the Bankruptcy Code. On July 19, 2011, Borders announced that Borders bookstores across the country will be liquidated, beginning as soon as Friday.
Earlier this year, we posted on our Blog a few ideas on how Borders could change its business model and be the bookstore & café we need downtown our cities.
The bookstore chain is now going to be sold off. Starting today, Borders will see much more customers than it has seen in a long time. Unfortunately only for a few weeks , in a last hurrah!
Although Borders’ final days will bring over $250 million, some of the nation’s biggest publishers will lose a lot as unsecured creditors, as you can see in the list provided by Borders.
The same week, Spotify is becoming available in the USA, offering music instantly and Kobo, who offers over 2.4 million e-books, newspapers, and magazines, one of the largest e-reading catalogues in the world, is already moving on from one of its earlier investors and partner, Borders… End of a chapter!