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Fri January 28, 2011
Books without Borders? Authors ponder future of bookselling
Ann Arbor-based Borders Books may be able to stave off bankruptcy, thanks to a new financing deal announced this week . Professional writers are waiting to see what the company’s next chapter will bring.
Nancy Martin doesn’t want to see any more bookstores close. The author of nearly 50 books, Martin says her sales and the sales of other non-celebrity writers often depend on people browsing in bookstores and discovering their work. Martin says that’s the finding of a new study commissioned by Sisters in Crime, an association of mystery writers.
"Online booksellers are getting better at that, but there’s nothing that’s going to surpass that in the store experience.”
Borders’ $550 million financing deal with GE Capital requires the bookstore chain to close an unclear number of underperforming bookstores. The deal is also contingent on Borders reaching a debt deal with publishers. Borders may still have to file for bankruptcy protection.