Borders Faces Chapter 11:WSJ

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Borders Group, the bookseller, is preparing to file for Chapter 11 bankruptcy this week, says The Wall Street Journal.

Borders may file Chapter 11It will seek to close about a third of its 674 Borders and Waldenbooks stores, and try to realign itself to compete with Amazon and its Kindle and Barnes & Noble and its Nook.

The WSJ notes that there may be a 50 percent drop in brick and mortar shelf space for books within five years, and a 90 percent drop withint 10 years, according to Mike Shatzkin, chief executive of Idea Logical Co.

Borders sells eReaders from brands including Sony, Kobo and Velocity Micro.

Source: The Wall Street Journal

Photo via Christian Science Monitor

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