Tag - Borders
Those who attempt to visit Borders.com on Friday will be redirected to a special Barnes & Noble's web page. The Borders Twitter and Facebook accounts were also seemingly taken over. Visitors are greeted by a message from B&N CEO William Lynch, asking that they give B&N a chance to be their bookstore. The Facebook page apologizes for Borders' closing and invites visitors to join the B&N Facebook page.
Kobo's eReader Touch Edition is now available at Best Buy stores, with Kobo specialists in place at stores to demonstrate the devices to would-be buyers. The $130 device will also show up in other retail stores before year's end.
Kobo reached out to assuage readers in the wake of Borders' eventual death with promises that devices like the eReader Touch Edition and book purchases would carry over. The e-book firm had already been moving customers over from the Borders-specific accounts over to Kobo's own. Readers should have access to all the same books but also stay more current on apps and features.
Borders on Monday night said it would effectively shut down as it planned to liquidate its business. Following unsuccessful tries at selling itself following its Chapter 11 bankruptcy, the company planned to sell all 399 of its stores and their assets to two liquidation companies, Gordon Brothers and Hilco. The clearout would start as soon as Friday with the entire process wrapped up by September.
Kobo and Best Buy on Thursday partnered to sell the Kobo Wireless eReader in Best Buy stores and on the retailers web sites for the first time. Also, to mark Mother's Day, the device will be on sale for $100 before returning to its regular $130 price tag on May 14. The device was only available through Borders stores before this announcement.
The Association of American Publishers said late Thursday that e-books had surged and established a foothold as the most popular format for reading in the US. Results from February saw e-book sales triple from just a year ago to $90.3 million. The jump made it the most popular format for books in the US, outpacing paper in every category the AAP covers.
Barnes & Noble in posting results for its most recent quarter late Tuesday claimed to have gained market share for e-books in the US. The company claimed to have moved from its usual fifth of the market to 25 percent. It tied the success to that of the Nook and noted that it was selling twice as many e-books as any paper books online.
Last week's unofficial report of the Borders Group's near bankruptcy status is now official, as the company detailed its plans. The company has filed a petition for reorganization relief under Chapter 11 after the authorization of its board of directors. The deal will secure commitment for $505 million in debtor-in-possession financing from GE Capital, Restructuring Finance.
Borders' financial troubles in the e-book era could come to a head early next week after a leak has revealed it's close to bankruptcy. The bookseller is now believed to be filing a non-permanent Chapter 11 bankruptcy as soon as Monday or Tuesday. Its plan would see it get debtor-in-possession financial backing during the bankruptcy of as much as $450 million from Bank of America or GE, but it would also close 200 of its existing 674 stores, the WSJ sources behind the leak said.
Borders has been delaying payments to book publishers in signs that it may be one of the first major victims of e-books. Early reports from Publishers Marketplace on Friday said it was putting off the payments to help refinance its debt but also wasn't certain that the plan would be effective. It might have to break its existing credit deals early into 2011 after facing a "liquidity shortfall," it said.