Borders among Popular Retailers to File Bankruptcy

Technology has certainly changed the way the world views retail stores. First it was Blockbuster, and now Borders has followed suit by filing Chapter 11 bankruptcy as of last February. No longer able to keep up with Amazon.com and products like the Kindle, Borders has finally realized that it cannot adequately compete with book, music and video sales that were lost to the internet and other competition. If you are considering filing for personal or business bankruptcy, contact a Long Island bankruptcy attorney for more information.

Borders is currently executing its plan to close around 200 of its 642 stores, cutting about 6,000 of the company’s 19,500 employees from the payroll. In Minnesota alone, Borders will be closing its Maple Grove, Minnetonka, Richfield and St. Paul stores.

Borders are cutting their losses, claiming that the company is losing around $2 million each day at the Superstores which are slated for closure. When Borders Books and Music first hit the market, their superstores seemed like the ultimate future for books and music sales; fast forward fifteen years, Costco, Amazon, the internet and downloadable books have superseded the almost “outdated” good old fashioned book store. It almost makes one wonder, are products like the Kindle, the new i-Pod of paperback books?

Will Bankruptcy Help You?

Times are changing. Between America’s current unemployment rate, depressed real estate market, increasing fuel prices and overall weakened economy, it’s no wonder popular retail chains such as Blockbuster, Borders and the Claim Jumper Restaurants are filing for bankruptcy. In these tough economic times, millions of American’s nationwide are facing financial difficulties. Fortunately people who are overburdened with debt, have the option of pursuing financial relief through bankruptcy. If you would like more information about the different types of bankruptcy, contact a Long Island bankruptcy attorney from Jacoby & Jacoby today. We will sit down with you and go over your unique financial situation, so that you can make an informed decision about bankruptcy.

Contact a Long Island bankruptcy lawyer from our firm today for a free initial consultation.