It's official: Borders is no more. Under the pressure of an evolving publishing industry, propelled by the emergence and dominance of ebooks, Borders is shutting down its business. The main reason? According to company president Mike Edwards: The Technology Revolution.
"The rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now," he said.
The No. 2 largest bookstore operator (behind Barnes & Noble) is in Chapter 11 bankruptcy and had hoped to find a buyer. But Borders was unsuccessful and will be liquidating its 399 stores and about 10,700 workers will be out of a job.