Borders Goes Bankrupt
Nation's second largest bookseller plans to close 1/3 of its stores.
One of the country's biggest book sellers, Borders, has filed for bankruptcy protection and announced it'll be closing about 200 of of its 642 stores over the next few weeks.
"There are hundreds of places to buy books online and in stores and now, it's all about how cheap can we buy the latest bestseller. That's a tough market to compete in," says Wall Street Journal reporter Shira Ovide.
Borders hasn't reported a profit since 2006 and its sales have declined by double digits
Several management changes have also failed to turn around the financial
One of the stores borders is closing is in its hometown of Ann Arbor, Michigan.
The original store there, opened by brothers Tom and Louis Borders in 1971, will remain open.