Borders Books Closing Stores

President Mike Edwards said, “It has become increasingly clear that in light of the environment of curtailed customer spending… and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor.” Only when this happens, do we know that book stores aren’t actually doing as well as they say they are due to the electronic book readers. Reported today, Borders had filed for bankruptcy protection and will close nearly a third of its 642 stores in the coming weeks. According to the Borders website, Borders stores are open for business, Borders.com is operating as usual, all Borders Rewards programs remain in effect and “Borders will continue to maintain its strong national presence.”

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