Borders announced that 200 of their stores will be, in the words of their CEO, “right-sized” by January. The shredding focuses on Waldenbooks, Borders Express and Borders Outlet stores, mainly those in malls and airports. We kinda saw this coming.
Back in March we reported two tips. One was from a Borders employee who said they were getting rid of the CD and DVD sections in some stores. The other was from the owner of a small music label who said his distributor had cut off shipments to Borders once for nonpayment and that the labels would have to agree to not hold the distributor “liable on any future shipments to Borders in case they file for bankruptcy.”
So, while that was an overstatement it was clear they were in some kind of trouble. Anyway, kind of sad. I like books.