Borders has been having trouble paying the bills lately but now it’s official. They’ve filed chapter 11.
Chapter 11 itself isn’t so bad. Skirting a bit of debt obligation has kept quite a few corps from becoming corpses in the past few years (yes, we’re looking at you GM).
But a big box book seller? Will restructuring their debt obligations allow them to regain profitability? Unless they seriously change and tighten up their sales effort around profitable lines of business, probably not.