More News on Borders

More news on Borders bankruptcy is dribbling out. There is an article on Publishers Marketplace that has new information. Here are some highlights:

  • Borders sales for the year 2010 were down 14$
  • Sales for the 4th quarter which includes the all-important holiday season were down 19%, a sign that Borders condition was deteriorating.
  • Borders is seeking to negotiated credit terms with major publishers to resume ordering inventory. However some publishers have stated that they will only sell on a cash basis
  • It is estimated that book publishers may only recover 20 cents on the dollar
  • The list of 200 stores scheduled to be closed has not been officially released but was leaked on Scribd.

I’ll try to do some more post as information is released.

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