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.