The move will put more than 11,000 out of work, 10,700 store employees and approximately 400 at their Ann Arbor, Michigan, headquarters.
The rise in e-reader sales, which Borders was a late adapter, coupled with rising competition from online retailers such as Amazon, are directly responsible for the slide in sales at the retailer. It's a sad day when the nation's second largest bookstore goes out of business. A very sad day.
