Thursday, February 17, 2011

Borders Bookstore Files for Bankruptcy

Borders Bookstore has filed for chapter 11 bankruptcy and plans on downsizing their operations. The bookstore chain plans on closing 200 of its 642 bookstores. In Connecticut the Borders locations at Manchester, Milford, Danbury, Simsbury, Wilton and Southbury will close in the next few weeks. Borders says that these stores are loosing $2 million every day they are open and buyers can expect to find closing sales starting this weekend. Borders says the reason for the decline in sales is due to the electronic book stores that are sweeping the nation, such as Apple's iBooks, and Amazon's Kindle. Bookstores just can't compete with a store that is open all day and night and offers books anywhere on the go.

NBC Connecticut

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