For the second month in a row, Borders is "delaying" paying its vendors and landlords its monthly debts, to conserve cash. It claims to be working to make new financing arrangements, which includes having publishers accept new terms that they would be highly unlikely to accept. The likely next step? Chapter 11 bankruptcy filing or even a full liquidation of the corporation.
In that eventuality, if you are caught holding an unused Borders gift card, you will likely be left holding the bag.
Source
This is sad to me because I just love bookstores, from the big chains to the small off-the-beaten track ones.
ReplyDeleteIt is always sad to see a business go under. We have seen entirely too much of that. I have only one book gone 'E'. The others will go on this month.
ReplyDeleteWe have a Kindle on order. But I don't think my order done it.
Take care have a good week. Progress leaves some, gains more.
I LOVE bookstores too. And I'm sorry my Kindle has helped to lead to their demise.
ReplyDeleteThis is sad. I love book stores.
ReplyDeleteSaddest news I've read all morning....
ReplyDeleteI got a NookColor for Christmas...thought that would satisfy my book "habit"...NOT! I am not only buying e-books, but still buying "hard" books! Now I'm spending twice as much on books!! Love a bookstore, the smell, touch, the mystery contained in the pages...
ReplyDeleteBorders has been suffering for a while and it's too bad. Even though I enjoy my Kindle, I still like browing in the bookstore, thumbing through books. I still like the smaller/independent bookshops where the owner makes recommendations.
ReplyDeleteBest,
Marty