In still another indication of the turmoil in the book publishing business, Borders Books is shutting down.
The company filed for Chapter 11 bankruptcy protection five months ago with hopes of shedding unprofitable stores, cutting debt and reemerging by September as a viable company. The company then closed more than 230 stores, but continued to lose millions every month.
This afternoon, Borders Books called it quits. In a late-afternoon announcement, Borders said it will close all remaining stores, close its Ann Arbor, Michigan, headquarters, and will also lay off all employees. The company will cease to exist.
You can read more in an article by Nathan Bomey in AnnArbor.com at http://goo.gl/YJkSu.
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