«
»

Future Uncertain for Dearborn’s Borders Book Store

Borders book store in Dearborn.

The fate of Dearborn’s Borders book store on Ford Road could be known as soon as Monday or Tuesday. That is when the troubled Ann Arbor, Michigan bookseller could file for Chapter 11 bankruptcy, according to The Wall Street Journal.

Filing for bankruptcy would pave the way for hundreds of Borders book store closings and thousands of job losses. It is not yet known if the Dearborn location at Ford Road and Mercury Drive would be spared. The Dearborn store appears to do brisk business, at least the times we’ve been in the store.

According to the WSJ article in today’s paper, Borders has abandoned efforts to refinance its debts, and is preparing bankruptcy papers and seeking financing agreements that would keep it operating during the Chapter 11 restructuring process. Its shares tumbled 33% to 25 cents apiece in 4 p.m. New York Stock Exchange trading Friday after WSJ reported its plans.

Borders will seek to close about a third of its 674 Borders and Waldenbooks stores, according to the WSJ. “Borders also would cut swathes of its 19,500 staff as it attempts to reinvent itself to compete with Amazon and its hot-selling Kindle reader, and Barnes & Noble Inc., the nation’s largest bookstore chain and maker of the Nook e-reader,” the WSJ reports.

For the full article, click HERE.

This entry was posted on Saturday, February 12th, 2011 at 11:47 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

DeepSaidWhat.com welcomes your views and encourages lively -- but civil -- discussions. Comments are unedited, but submissions reported as abusive may be removed.

3 Responses to “Future Uncertain for Dearborn’s Borders Book Store”

  1. tdogg says:
    February 12th, 2011 at 10:30 pm

    Little sadder than going into a beloved bookstore and seeing it closing, except walking up and finding the doors locked forever.

    Borders, from its inception in Ann Arbor, has been a treasure in Southeast Michigan, and when they came to Dearborn it provided a world class bookstore within driving distance.

    Let’s hope that the Fates spare our store.

  2. Just Asking says:
    February 13th, 2011 at 11:55 am

    I wonder if the demise of the super bookstores (Barnes & Noble also is in trouble and others have folded up shop over the years) will pave the way for the revival of independently owned bookstores such as the late great Little Professor’s store?

  3. wingingdaddyo says:
    February 15th, 2011 at 10:40 pm

    That place is goin down like monkey wards on a waterslide.