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Borders expected to file for bankruptcy
01.01.70 | Katie Allen
Borders is expected to file for bankruptcy as soon as tomorrow [15th February], after it failed to agree new funding of more than $1bn with lenders.
The book retailer has been struggling for months, with Publishers Weekly reporting Ingram as the chain's main supplier of books, with most other publishers putting them on stop.
Borders had proposed that publishers receive interest-bearing notes instead of payment. However, publishers have been cool on that proposal, adding to the retailer's troubles.
On a wider piece about the challenges facing the US book trade, the Independent reports Borders' woes are the result of an inability to adapt to the shift to e-books as well as online purchasing.
"Disruptive change is coming to the book businesses of the world and they're looking to the US experience to understand the nature of that change and what to do to prepare for it," said Mike Shatzkin, organiser of Digital Book World.
He claimed within 10 years, bricks and mortar bookshops in the US would slump by 90%, from more than 1,200 large bookshops to around 150 stores.
Billy Hulkower, senior technology analyst at the research firm Mintel, told the newspaper bookstores face a "trilogy of threats": online competition, e-books, and public libraries offering free books and digital content.
"Retailers need to focus on creating compelling reasons for patrons to visit bookstores, like concierge or recommendation services," he said.