A sign of the times or a failure of the economy Borders Books facing a Billion Dollars in Debt has decided to file for bankruptcy. With a full-time workforce of 6,100 people the company operates 508 superstores including the Waldenbooks chain. About 30 percent of its total stores are set to close in the next several weeks.
This past holiday season online book sales surpassed paperback sales for Amazon.com however electronic versions do not show the deep discount you would expect when no printing or delivery is needed.
Borders has expressed their need to move to online distribution for their business to continue. This is unfortunate for their customers who use the store to grab an expensive cup of coffee and meet other like minded potential partners in the self-help isle.
The real tragic part is there is going to be a flood of English and History graduate students without jobs now.