Wednesday, February 16, 2011

There Goes Borders

Posted By on Wed, Feb 16, 2011 at 8:07 AM

Everyone's reporting that Borders has filed for Chapter 11 bankruptcy. This story in the Washington Post does a good job of covering just about everything.

Borders will, apparently, close 30 percent of its stores. Earlier in the week, we were hearing that those closings would be mostly mall-located Waldenbooks, which meant Nashville would not lose, for instance, the store on West End. Now the Washington Post story is saying that the closings will mostly be superstores, like ours.

It will be interesting to see if Borders stays in Nashville because the death of Davis-Kidd makes a viable Borders more plausible, or if we're going to lose our second big bookstore of the year. And by "interesting," I mean "terrifying."

There's also this:

[Borders] owes tens of millions of dollars to publishers, including $41.1 million to Penguin Putnam, $36.9 million to Hachette Book Group, $33.8 million to Simon & Schuster and $33.5 million to Random House.

As I've said before, with that kind of money in play, book lovers will be very lucky if Borders doesn't take down a publisher or two with it.

Also, keep in mind that La Vergne-based Ingram is an enormous distributor through which publishers sell to Borders. I haven't yet seen any coverage on what the implications of Borders' bankruptcy for Ingram are, but I'm sure a lot of people in La Vergne are watching to see how this plays out.

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