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Borders files for bankruptcy

Posted in News by Conner Flynn on February 16th, 2011

It’s official, Borders, the second largest bookstore chain the U.S., has filed for bankruptcy. The company will continue to operate while it restructures, but it will be just a shadow of it’s former self. It has to close around 200 of its stores, about 30 percent. After that, it might need to close another 75.

Though the company hasn’t produced its own e-book reader, it has partnered with Kobo to sell its device, and it has established its own e-book store that is used by various e-reader apps for smartphones and tablets. We don’t know yet if the bankruptcy will affect those or not.

Blockbuster files for Chapter 11 bankruptcy

Posted in News by Conner Flynn on September 23rd, 2010

We’ve been expecting this one for a long time and now it’s official. Blockbuster has initiated “pre-arranged” chapter 11 proceedings. Under this plan, Blockbuster’s debt would be reduced from $1 billion to about $100 million when implemented.

Blockbuster is currently evaluating its US store portfolio as part of the recapitalization process. All 3,000 stores will remain open for now, but up to 1,000 could be gone before things are said and done. They want you to know that Blockbuster is still open and that it’s business as usual during the restructuring.

Sirius XM preparing to file for bankruptcy

Posted in News by Conner Flynn on February 10th, 2009

Sirius XM preparing to file for bankruptcySirius XM is preparing to file for bankruptcy and it could happen within days, according to the New York Times. A bankruptcy would make Sirius XM one of the largest casualties of the economy. It would be the second-largest Chapter 11 filing so far this year.

The article speculates that the move might be designed to pressure Dish Network and EchoStar owner Charles Ergen into making an offer. According to the Wall Street Journal, he offered to purchase the satellite radio group last year, but was brushed off. Anyway, he apparently wants to try again.