Official: BORDERS is DONE.

**Toker** · 02-16-11, 11:20 AM

Borders Files for Bankruptcy; Owes Top Publishers $230 Million, and Will Close About 200 Stores

Owes Top Publishers $230 Million, and Will Close About 200 Stores.
Borders formally filed for Chapter 11 bankruptcy protection in a Manhattan Federal Court, listing total debt of $1.29 billion and supposed assets of $1.275 billion. Among the top 30 unsecured creditors listed in the filing, book publishers and distributors are owed roughly $230 million (see below for the full list).

The publisher creditor list comprises:

Penguin $41.1 million
Hachette Book Group $36.9 million
Simon & Schuster $33.75 million
Random House $33.5 million
HarperCollins $25.8 million
Macmillan $11.4 million
Wiley $11.2 million
Perseus $7.8 million
F+W Media $4.6 million
Houghton Mifflin Harcourt $4.4 million
Workman $4 million
McGraw-Hill $3.1 million
Pearson Education $2.8 million
NBN $2 million
Norton $2 million
Zondervan $1.9 million
Hay House $1.7 million
Elsevier Science $1.6 million
Publications Intl. $1.1 million

Read more: Unexpected? Borders Files for Bankruptcy « frank's blog

Barnes and Noble is all like:

**Pint** · 02-17-11, 11:26 AM

I have always liked locally owned book stores personally. I hope this helps them out more then another chain, but out of the chains BandN is pretty good.

**Red_Lizard2** · 02-17-11, 12:03 PM

Borders is still alive, for the moment, though I think there first goal should be to pay off those book publishers, or the entire chain will probably go poof (Because, if they use the filing to weasel out of it, as a publisher why the hell would you ever do business with the chain again?).

Also a fan of local bookstores as well, especially for the used books.

**Blakeman** · 02-17-11, 01:25 PM

I think you will see mostly local stores and the big chains disappear because of the use of kindles and other E-readers as you can get a new book without leaving your home. Our local mall had its Waldenbooks go out of business and one of the employees was saying they had tons of browsers but no buyers.

We have a semi-local bookstore that also has a cafe and hosts book signings that I think will survive.

**Pint** · 02-17-11, 03:53 PM

Ya blakeman, it doesn't make it any less heart breaking for my sensibility. The musty smell when I open an old book is so ingrained in my mind as the runners pistol shot for relaxation. I'm not going to say what book, but the first book that made me shed a tear while reading is still on my shelf, the page that did it for me still bears the water stain. We owe so much to paper and ink and its stable medium that its just a shame.

**WickedTribe** · 02-17-11, 04:36 PM

Originally Posted by Red_Lizard2

Borders is still alive, for the moment, though I think there first goal should be to pay off those book publishers, or the entire chain will probably go poof (Because, if they use the filing to weasel out of it, as a publisher why the hell would you ever do business with the chain again?).

Also a fan of local bookstores as well, especially for the used books.

Does anyone have any insight into which model the Publishers prefer? I can see the Kindle/eReader/Nook model being nice because the per-unit costs are low, but they also severely limit the choice in retailer, and they could potentially make the publishers obsolete.

**Alundil** · 02-17-11, 05:49 PM

Congrats to Wicked for hitting post #3000. You can thank me for starting and continuing several controversial posts in the OTS (then NPRD) forums. You welcome

.

Oh and I guess you can thank Hawg, Foz, Red, Rock, Civil, Death, Dex, Nuckle and Kraker too

**WickedTribe** · 02-17-11, 05:56 PM

Originally Posted by Alundil

Congrats to Wicked for hitting post #3000. You can thank me for starting and continuing several controversial posts in the OTS (then NPRD) forums. You welcome

.

Oh and I guess you can thank Hawg, Foz, Red, Rock, Civil, Death, Dex, Nuckle and Kraker too

Oh, god. That's a bit depressing.