Why did the bookseller Borders go bankrupt
US bookseller Borders went bankrupt - 10,700 jobs lost
The bankruptcy of the second largest US bookstore chain Borders is expected to cost 10,700 people the job. After the search for a rescuing buyer has failed, the sale of the remaining 399 shops could begin on Friday; There should be nothing left of Borders by the end of September. A bankruptcy judge has yet to approve the plan.
"After all sides have tried so hard, this development makes us sad"
"After all sides have tried so hard, this development makes us sad," said company boss Mike Edwards on late Monday at the company headquarters in Ann Arbor (US state Michigan). Until recently, the company, which slipped into bankruptcy in February, had been negotiating with a potential buyer - ultimately unsuccessfully. Now specialized companies are to take over the processing and turn everything valuable into money in order to pay the creditors.
Borders had already closed hundreds of branches, which had driven thousands of people into unemployment. But the savings program and an emergency loan did not bring the hoped-for salvation in the end. Borders' sales had shrunk significantly and the chain had written deep red.
Borders suffers from the fact that customers have been saving on books since the economic crisis or prefer to buy from Amazon via mail order. The triumphal march of electronic books in the USA is also causing problems for Borders. The readers are now over the counter at prices below 100 dollars, which is the equivalent of 70 euros. Apple's successful iPad tablet computer is also used by many people to read books.
The largest US bookstore chain Barnes & Noble is also weak and is looking for a buyer as a precaution. In the meantime there is also an offer. A bankruptcy of Barnes & Noble would have even more drastic effects: the company has 700 regular branches plus more than 600 so-called college bookstores, which are geared towards students. (APA)
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