Borders bankruptcy (2011)
Borders Group, the second-largest U.S. bookstore chain, filed for bankruptcy and announced it would close all remaining stores. The company cited declining sales, competition from Amazon, and the rise of e-books.
About 10,700 employees lost their jobs as stores liquidated.
The bankruptcy accelerated the shift to online book sales and reduced the number of physical bookstores nationwide.
While Borders was a for-profit chain, its collapse shows the retail pressures that independent and nonprofit booksellers also face.
