Borders finally goes under; files Chapter 11 and closes 200 stores

Borders finally goes under; files Chapter 11 and closes 200 stores

We’ve heard of rumors and hard times for a while, but today it’s official: Borders is filing for bankruptcy. Over the coming weeks, the store will close 200 of its locations (roughly 30% of stores nationwide), meaning… going-out-of-business sales on R. Kelly and Criterion DVDs? According to Billboard.biz, GE Capital and other corporations are giving $505 million to Borders in debtor-in-possession financing.

It’s easy to bash the supposed “big guys” in support of independent shops (both for books and music), but when you get down to it, that’s a lot of unemployed workers — not to mention the important question: where will small-town kids buy CDs now that their one local media outlet has closed? (Let’s face it, not everyone lives near an Amoeba.) The moral of the story: down with Kindle and Amazon!

• Borders: http://www.borders.com

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