Reported in Publishers Weekly: "Borders Pulls the Trigger on Chapter 11"

Borders Pulls the Trigger on Chapter 11. Hundreds of millions of dollars is at stake in this issue of outstanding debt. Accordign to this report, Penguin Group, which is going to take the largest hit, is owed $41.1 million. Hachette is owed $36.9 million. Simon & Schuster another $33.8. I cannot help but wonder if this poses the threat of another round of layoffs at those publishing companies for employees as belt-tightening must surely follow. Some of teh debt will be paid off, but for Borders the plan includes closing 30% of stores, meaning 200 locations. That's a lot of bookstore workers hitting the streets. Read more...