The bookstore chain Borders has provided protection for Chapter 11 bankruptcy, saying it has $ 1,280,000,000 in assets and debt of $ 1.29 billion e Although no agreements with the creditors may, the company could arrange for $ 505,000,000 in financing for the reorganization.
Protection against surges office posts the impact of the picture borders "bankruptcy.
1. A loss for commercial property owners
The Wall Street Journal reported that the plan of closing the borders "to reorganize its business by 30 percent in the recession is bad news for the commercial economy, hard hit by:
At least two major owners of the mall - Simon Group and General Growth Properties, which comes out of bankruptcy protection - have asked to appear in bankruptcy proceedings borders to represent their interests. (A reader noted that another real estate company, Realty vote, said that about 27% of annualized base rent comes from Borders Group.)
2. Possible loss for publishers
The publishing industry is in negotiations with the chain of bookstores in difficulty for several months, and many publishers are owed millions of dollars. DealBook notes:
A potentially important concern is whether limits continue to receive mailings from publishers. A spokesman for the Ingram Book Group, one of the largest in the nation list of distributors, said Wednesday that the company is no longer shipping books limits.
Large publishers have already agreed that tens of millions of pounds they lose borders destinations during the holidays. Wiley, for example, has already written $ 9,000,000 in debt.
Penguin Putnam is due $ 41.1 million, following the bankruptcy. Other publishers include amounts due Hachette, Simon & Schuster, Random House, HarperCollins and Macmillan.
3. Maybe not a great loss for the reader
Although the selection in stores) could be reduced if cut deliveries to dealers directory limits (see above, Baltimore Sun Read Street blog asserts the importance of e-readers means less impact on consumers:
[S] ave can combine the company in a hurry, it can never be important. And every time a big competitor in an industry that falls on consumer choice is cut - most often poor. Today, however, the loss limits and its stores have less impact, as well as digital books have become so popular. Borders was not a big online gamer, and price competition, retailers like Amazon and Walmart have been displaced. As more people buy e-readers grow this market rapidly, and the borders we will be absent less and less.
4. A lot of stress for employees
With hundreds of stores closing of borders, an unknown number of employees could lose their jobs. The group currently comprises IWorkAtBorders LiveJournal post to the list of stores scheduled for closure. It's the day "mood. Crushed"
5. But it could have been worse
Mobyl found money (ish) food:
As bad as it is, the situation could worsen in the second brick-largest U.S. booksellers and mortar: As the report in the Wall Street Journal reported, Borders began 505 million loan guarantee of $ GE Capital, a considerable sum to make it through bankruptcy. Help deposit most important of all, for Chapter 11 - Chapter 13 on the other - means that the company is still operating, and Edwards said in his statement that the company has "a national presence" with its website eBookstore and brick and mortar stores to maintain - hundreds of them - are still open and operating costs "normal."
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