Borders Files For Chapter 11

Too bad.  I thought they were doing well and had a good business model.  The details:

Borders Group Inc. filed for Chapter 11 protection Wednesday and said it will close about 30% of its stores nationwide in the coming weeks.

The struggling operator of the Borders and Waldenbooks chains sought protection from its creditors in the U.S. Bankruptcy Court in Manhattan a month after it warned it may have to restructure the company in Chapter 11.

“It has become increasingly clear that in light of the environment of curtailed customer spending… and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor,” said Borders Group President Mike Edwards in a statement.

 

What do you think?