As we all know, Borders is not doing well. It’s in Chapter 11, it mostly has to pay its vendors in cash, it’s already closed more than 220 stores and is in the process of closing another 20 or so. It’s an ugly situation. About a week ago (I’ve been out of town), Borders presented a restructuring plan for the company to its creditors (mainly traditional publishers) in an effort to boost confidence in the company. The bad news is that by all accounts, the restructuring plan hasn’t had a positive effect, and most creditors are still not confident that the company will survive.
And in local news, our local Borders is gone now. We grabbed a lot of really deeply discounted books in the last week or so, but boy was it bittersweet.