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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2011 > June > 01 > Entry
Bye Bye Borders Books?
The Borders Books chain might to be teetering on the brink of collapse. According to a post today by Gene Taft on the Washington Independent Review of Books website, Borders still has 600 book stores. However, 200 of those stores will be closing over the next several weeks. As Borders battles to survive that is a not a good sign. If Borders fails that will not be a good thing for the book business…
To read the WIRoB article click HERE:
Vick Mickunas
Permalink | Comments (5) | Post your comment | Categories: booms and busts
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By Blowfly
June 3, 2011 1:17 PM | Link to this
Sorry, I was busy reading the debate between Mark and SG on unions (hint: SG’s in way other her head). I’m not an expert on bankruptcy, but from what I’ve read the publishers are unsecured creditors, which means that they are last in line to get paid. I read that they have been trying to negotiate a deal with Borders but that seems unlikely now since the bankruptcy trustee is now in control of Borders business and has to protect the interests of secured creditors which comes ahead of unsecured creditors. If the publishers get zeroed, which certainly is possible, I’m sure it will create some hardships but everyone will survive for the time being. Borders will emerge from bankruptcy but they will still have to compete in a tough business environment against Barnes and Noble which seems to be doing relatively well. The publisher’s have lots of problems but seem to me to be in less trouble than brick and mortar sellers since publishers are getting money from online and ebook sellers. It’s a big stinking mess, but I for one would hate to see my local bookstores go away. In fact, that’s where I’m headed right now for lunch. Argh!
By larry green
June 2, 2011 7:29 PM | Link to this
people still buy books?
By vick
June 2, 2011 3:43 PM | Link to this
Page Turner, uncollectable debts are exactly that. If the publishers end up where they don’t get paid by Borders that could be deleterious to the publishing company finances-one would imagine that it might also confer some sorts of tax breaks, too. I’m not a tax attorney so I could only speculate on any of these potential outcomes. Frequent commenter Blowfly seems well versed on many legal issues. Perhaps he might offer us some insights?
By Page Turner
June 2, 2011 10:53 AM | Link to this
Borders in Dayton is on the closure list, but I see my local Borders Express has been spared for now (being the only bookstore in town might help). Borders owes huge sums to several publishers, according to the article. Are these publishers prepared to take the hit, Vick? Or will Borders suck them down the drain, too?
By Steve Jobs
June 1, 2011 9:00 PM | Link to this
Gen an iPad and the iBook app.