Borders files for bankruptcy, plans to keep operating but close 30 percent of its stores

We heard the news was coming, and now it's official -- Borders, the second-biggest bookstore chain the U.S., has filed for bankruptcy. As expected, the company will continue to operate while it restructures, but it will hardly be the same company it once was. It's being forced to close around 200 (or 30 percent) of its stores, and it may need to close another 75 if it's not able to gain some concessions from landlords, according to Bloomberg. This is news on Engadget, of course, because Borders has also been trying to compete with Amazon and Barnes & Noble beyond its core brick-and-mortar bookselling business in recent years (and not exactly succeeding). While the company hasn't produced its own e-book reader, it has partnered with Kobo to sell its device, and it has established its own e-book store that's also used by its various e-reader apps for smartphones and tablets. There's no indication as of yet that the bankruptcy will affect those endeavors.

Borders headed for bankruptcy filing, according to WSJ

Borders Group, Inc. is finishing up preparations for a bankruptcy filing, according to "people familiar with the matter." The company's financial troubles have been no secret as of late, and those same people familiar with such matters say that the filing could come as early as next Monday, which will be followed by the closure of roughly 200 of its brick and mortar stores, and plenty of job losses. Borders has struggled with its digital presence, including its lack of e-reader (the Kobo partnership came pretty late in the game and isn't really on the same level as Barnes and Noble's Nook or Amazon's Kindle), and its failure to snag a significant market share of online sales. The people familiar with the matter caution that the filing could be delayed by a few days, however, so we'll have to sit on the edges of our seats until sometime next week, probably. Hit the source for more financial details.