Borders Books Files for Bankruptcy (Primary Documents & List of Stores Set to Close)
As many of you have probably heard by now Borders Books filed for bankruptcy (Chapter 11) today.
In addition to a couple of overview articles at the bottom of this post, here are links to a new web site and several documents:
Borders Reorganization Web Site
Some of the Material Online as of Today
+ Letter to Customers from Mike Edwards, President and CEO, Borders, Inc.
+ News Release
+ Court Filing (21 pages; PDF)
+ Reorganization Store Closing List (PDF)
UPDATE: A sortable list of the stores Borders plans to close in the coming weeks.
Totals about 30% of its locations in the U.S.
Via AnnArbor.com (Borders Hometown) “AnnArbor.com’s guide to coverage of today’s Chapter 11 bankruptcy filing by Borders”
Via Bloomberg: “Borders Files for Bankruptcy, Will Close Some Stores”
“Borders Group does not have the capital resources it needs to be a viable competitor,” the company’s president, Mike Edwards, said today in a statement. The bankruptcy will give it “time to reorganize in order to reposition itself to be a successful business for the long term.
Via Publisher’s Weekly: “Borders Pulls the Trigger on Chapter 11”
The announcement made this morning was foreshadowed last night when Borders implemented an ordering freeze and Ingram, its lifeline to the publishers, stopped shipping books. Publishers are now on the hook for hundreds of millions of dollars, led by Penguin Group (USA) which is owed $41.1 million, followed by Hachette at $36.9 million, Simon & Schuster at $33.8 million, Random House at $33.5 million, and HarperCollins at $25.8 million.
About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.