FLASHnews February 24, 2011
It is no news to most of you by now that the 40-year-old bookstore chain Borders has filed for Chapter 11 bankruptcy. The company says that debt and failure to adapt to the changing industry have led to the closing of 200 of its 642 stores over the coming weeks. The stores scheduled to close, which are all “superstores,” have been said to cost Borders $2 million a day in losses.
Only two stores in New Mexico are slated for closing, which will happen in the next few weeks, according to reports. I don't know what this will mean for your inventory at those 200 stores, but since 442 stores will remain open I hope it will be transferred to open stores. Follow this link for the complete list of store closings.
In another news story of concern to local publishers, Page One bookstore in Albuquerque has filed for Chapter 11 reorganization. For details, see the New Mexico Business Weekly of February 21, 2011.
—James Mafchir, NMBA President