Borders to file for bankruptcy – soon
The WSJ are now reporting that Borders are expected to file for bankruptcy early next week. Curiously enough, this article had a different headline and content yesterday, and it read something like "Bankruptcy Looms for Borders" (I didn’t think to save a screen shot).
So Borders are dead. How is this news, exactly? Everyone knew this was the most likely outcome. After all, avoiding bankruptcy depended on Borders' unpaid suppliers agreeing to convert invoices into loan agreements. They _all_ had to agree to it, and that simply wasn’t going to happen.
Actually, I’m getting ahead of myself. Bankruptcy does not mean they’re dead, just that they need protection from their creditors. But do you expect them to exit bankruptcy protection without having been broken up and sold off for parts? I don’t. I don’t think they have a viable business.
via The WSJ
image via Flickr