Borders Files Chapter 11 Bankruptcy

I heard about this earlier. Seems like no businesses are immune from this economy.

Better use those Borders gifts cards pretty quick before its too late

The problem is that they were too late in changing their business model With online sales in the eBooks business and eliminating their inventories of translated Japanese manga, DVD's and music ... I think it hurt a big portion of their sales. Even though they reported that they weren't making that much from the sales of music and DVD's, I think it hurt the company when they opted to eliminate inventories in the departments.

The bankruptcy judge approved its Chapter 11 Reorganization and they are going to be closing some 200 stores. The company will receive some financial assistance to continue operating so they're not actually going out of business, just closing those stores that are under-performing.

Matter of fact, of the stores that are closing, it's rumored that they will be having a firesale for those stores just to clear out the inventory at those stores. For a list of the stores that are closing, check out the following link:

Article Source: http://www.longislandpress.com/2011/02/16/borders-bankruptcy-list-of-borders-stores-closing/
Store Closings: http://www.scribd.com/doc/48960742/Borders-Closures