The Second Largest U.S. Bookstore
Borders Group in New York City 16 to the Federal Bankruptcy Court in Manhattan to submit application documents for bankruptcy protection. The veteran has 40 years leading ebook reader retailers have “super-bookstore,” wave, but then slow e-commerce and e-business, and ultimately failed to keep up with the pace of the digital age.Mary Davis, a company spokesman said the company intends to close in the next few weeks, about 200 bookstores in poor operating conditions, all of them as a super bookstore.Borders Group is headquartered in Ann Arbor, Michigan, as of the end of January, operating 642 bookstores across the United States, various employees about 1.98 million people. Bankruptcy protection is not clear how much impact will these people have.
Michael Edwards, chairman of the board said in a statement during the bankruptcy reorganization, the company intends to operate as usual, while working to provide re-GE Capital 5.05 billion of debt financing.The statement said that in view of U.S. consumers to reduce spending, the company failed to convince publishers ebook reader and other co-borrower of debt restructuring, the company liquidity and other reasons, “Borders Group launched without sufficient funds to compete effectively.”Borders Group has submitted an application file for bankruptcy protection, as of December 25 last year, the company’s total assets of $ 1,275,000,000, total liabilities of $ 1,293,000,000; main creditor is the other large publishers Penguin Books.
Borders Group’s market value since 1998 lost more than 3.0 billion, since 2006, profitable since the last time, ebook reader the annual total income decreased by about 10 billion U.S. dollars.