For book lovers, Borders’ money trouble is a mixed blessing.
Borders' bankruptcy is indicative of the publishing industry’s struggle to compete with electronic books and their online retailers, and the going-out-of-business sales may be a bookworm’s dream.
5 p.m. yesterday marked Borders’ deadline to find a savior. Nobody bid on the bookstore chain, however, bringing it closer to the looming threat of liquidation—and the accompanying store closure and book sales.
There’s Still Hope
Borders seemed to find salvation when a subsidiary of private-equity investor Jahm Najafi’s Direct Brands, a company that markets books and DVDs, offered $215 million for the bookstore chain. But negotiations for this offer fell through last week.
Not all is lost, though. If Borders manages to pull off a last-minute deal today or tomorrow, it will be able to stave off liquidation. Late last night, the company was reported to be in discussions Books-A-Million, a Birmingham, Alabama-based bookstore with 231 locations in 23 states.
Looking to the Future
If Books-A-Million makes an offer, it will likely absorb several of Borders’ prime stores and close the Borders brand. This means that Barnes and Noble will be left as the one true national bookstore chain.
We’re sad to see Borders go, but we’re looking forward to snapping up some cheap summer reads. Book lovers, be on the lookout for closing bookstores in the next few days, so you can bid Borders goodbye and load up on some books for bargain prices.
UPDATE: Borders has called off its auction and says that it plans to request court approval for liquidation. If the proposal goes through, book sales will begin as early as Friday and continue into September.
Read about other good ways to buy inexpensive books here.
Want children’s books for less? Try the tips in this article.
(Image credit: Brewbooks/Flickr)