The Ann Arbor Michigan based Borders and Walden Books announces they will file for chapter 11 bankruptcy sometime in the up coming week. The company will publicly file and hundreds of stores and jobs will be lost. Of the 674 Borders and Walden books stores about one-third will be closed.
The struggle to keep up with developing technology such as e-readers and online stores is said to be Borders downfall.
“Online shopping, and the advent of e-readers, with their promise of any book, any time, anywhere, and cheaper pricing, have shoppers abandoning Borders and Barnes & Nobles bookstores as they did music stores a decade ago.”
The plans for bankruptcy may not worry many as they can shop online or use their e-readers, but to the employees the announcement comes as a shock.
Being a Borders employee myself I was less than thrilled to hear of the bankruptcy. When asking managers within my Back Bay store they could tell me nothing of the situation.
The mood was somber Saturday afternoon as I endured my nine-hour shift not knowing what my employment status will be in a month. The announcement however was not that shocking as I felt something was coming with our newly appointed manager, push to sell rewards plus programs, and write ups on employees for almost every minor offense were issued.
In the current economy it is always upsetting to hear of a company going under. However now I won’t have to deal with every hipster in the Back Bay asking what section Chuck Palahniuk is in.