Borders President Mike Edward said his chain "does not have the capital resources it needs to be a viable competitor." He said the bankruptcy was essential to restructure its debt and still operate.
Borders had liabilities of $1.29 billion and assets of $1.28 billion as of December 25, according to documents filed on Wednesday with the U.S. Bankruptcy Court in Manhattan.
The pioneer of book superstores plans to abandon some of its highest profile locations, closing a store in its hometown of Ann Arbor, Michigan, as well as one on Manhattan's Park Avenue.
Well, hopefully the restructuring will allow them to pare down and actually present a decent e-Reader or maybe an Android tablet PC that can act as both an e-Reader and an internet browser. Anything to shake things up and get people to exited about their stores. The book superstore concept might still have some legs especially if you can go there and purchase e-Books on the cheap. At least people can enjoy the cafe as their books download.
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