Borders Reportedly Close To Bankruptcy

PALO ALTO (KCBS) — A national bookstore chain with several outlets in the Bay Area is on the brink of bankruptcy.

Borders is apparently falling victim to the growing popularity of e-readers and online shopping.

KCBS’ Chris Filippi Reports:

The Wall Street Journal reports that Borders could file for bankruptcy protection as early as this week. The company may liquidate more than a third of its 674 stores.

Shoppers outside the Borders in Palo Alto were not surprised by that news. Some of them say they buy their books online.

Others think Borders loss could be a gain for small bookstores.

Kit Yarrow, a marketing and psychology  professor at Golden Gate University said she is not optimistic about brick and mortar bookstores.

“No matter what they’re trying to do, they’re a causality of technology,” she said.

Borders officials have not commented on the report in the Journal.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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