Borders Closing 28 More Stores, Barnes & Noble Also Struggling
Posted on March 18, 2011Struggling retailer Borders is closing 28 more stores. These stores come in addition to 200 stores Borders announced it would close when it filed for Chapter 11 bankruptcy protection. Borders will be left with a total of 405 stores after both rounds of closings.
Meanwhile, Barnes and Noble is also struggling. The Wall Street Journal reports that the retailer's stock hit a new low this week. Barnes and Noble's stock has fallen 50% in the past three weeks. AnnArbor.com notes that Barnes & Noble faces the same challenges that drove Borders to file for bankruptcy protection.
Business woes at the major booksellers coincides with the rise in popularity of ebooks, but sales of paperbacks and hardcovers online also hampered bricks-and-mortar bookstores.