Apparently for profit book sources are in trouble too.
From a story on Yahoo News
Borders Group
Associated Press
The printed book market just doesn't seem large enough for Borders anymore. Borders is the second-largest bookstore chain in the U.S. behind Barnes & Noble. Unfortunately for these companies, bookstore chains are going the way of the dinosaur with Amazon digitizing books and becoming the largest online seller of books in the United States. Borders is developing a Kobo e-reader to try and compete, but with e-book readers from Amazon, Apple and Barnes & Noble, Borders may be living on borrowed time.
How troubled is Borders? The company's stock currently sells for under $2 dollars a share. Borders has to repay a $42.5 million dollar loan due on April 1. If Borders can raise this money, the bookstore chain still faces a $360 million dollar note payment due July 2011.
Perhaps the most damning sign was that the company's CEO left to take a job at a supermarket chain. The company's short-term hopes lie in getting creditors to refinance debts. The best hope for long-term survival is an acquisition by a larger bookstore chain like Barnes & Noble.
Link: http://finance.yahoo.com/career-work/article/109251/businesses-on-the-brink-change-or-fail??mod=career-leadership
oh wow. I must use my giftcard ASAP!
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