Borders bookstores closing 30% of its stores, filing bankruptcy

The book chain Borders Group, Inc. is seeking a $450 million loan for bankruptcy. As a result, it may also be closing more than thirty percent of its stores nationwide. The company’s income has been on a downward slope since 2006.

Some financial analysts say the close is likely a result of the current economic times and competition in the area of internet giants such as Amazon.

Borders has long been considered as the second choice for Americans when it comes to book sales, although some have criticized the chain for being slow in developing special software such as e-readers for digital books.