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Borders books files for bankruptcy, will close a third of stores

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Borders bookstore

Yesterday, the bookstore chain Borders filed for bankruptcy, after months of signs. The company is over a billion dollars in debt, and plans to close about one-third of its stores. As a giant in the bookselling industry crumbles, a lot of people are left asking whether physical bookstores will go the way of the record store.  

Borders has been facing financial trouble for a while now, but has also been slow to adapt to the new world order of online books. Unlike some its competitors, it didn't even breach the online market until 2008, and still has nothing to compete with the Kindle or the Nook. 

To add allure to its remaining stores, Borders is considering adding wine bars to some locations. Which makes sense — if there's anything to pull people away from the allure of a gray-screened reader, it's booze.