Borders files bankruptcy as the market changes react Wrestling Book - Washington Post

The history of Borders Group has apparently peaked.

The iconic bookstore chain, Borders filed founded in 1971 by brothers Tom and Louis, in the morning for the reorganization of Chapter 11 bankruptcy Wednesday, weighed down by an additional $ one billion of debt and not be able navigate the rapidly changing consumer behavior.

download e-books, when, where: In. Out: People buy books from Borders stores.

Society Ann Arbor, Michigan, said in court filings that include about 30 percent of the more than 600 stores, including several in the Washington area. Thousands of employees will lose their jobs.

The closures are a few local outlets of the most popular chain are: White Flint Mall, Rockville Pike in Montgomery County, Wisconsin Avenue in Friendship Heights, and 18 and the streets of downtown L NW Washington. Virginia offices in Vienna and Winchester are also expected in the field, as well as locations in Maryland, Bowie and Largo.

"It's the biggest bankruptcy in history of the book industry," said Albert Greco, senior researcher at the Institute for Publishing Research. "It's really depressing day."

Borders has asked York to begin a bankruptcy judge in New authorization to liquidate inventory in stores this weekend, noting in court filings that the Presidents Day would bring up to heavy traffic. In the outlet stores closed last year, has sold more limits on the roofs, and shelves of books and cleaning products.

Throughout the region on Wednesday, buyers at the border and shop owner was shocked by how the chain had fallen. Bert Oser, owner of the store in White Flint Mall pen Bertram said Inkwell borders had been packed over the Christmas holidays and asked if the site would cope.

"Am I really sorry to see them go," said Dare.

Ultimately, on 18 and L in the neighborhood, "said Kevin Shopper Marrion he never crossed that this would be an ideal location nearby.

"I work in this building," he said. "I come here every day for coffee and take a break. I go around and buy books, magazines to read, things to chance. I ' I never thought it would be closed. There is heavy traffic. I came here for many years. "

Border problems are mounting for years.

Analysts said it made numerous errors: Outsourcing the e-book to rival Amazon.com years, a costly overseas expansion and a program of actions costly acquisition, which reward the shareholders but left the company some money, such as changes in book buying behavior installed.

"This business has also dropped, before it crashed," said Greco. "You could see it coming long ago."

(See: A plan for store closings)

rosenwaldm@washpost.com staff writer Elizabeth Flock contributed to this report.