Borders Files for Chapter 11: Meet the Lawyer Who Will Run It

[WSJ Law Blog]

Borders Group, the company behind Borders Bookstore, at long last filed for Chapter 11 protection on Wednesday morning in federal bankruptcy court in Manhattan.



It’s sad news, for those who still like the increasingly old-school experience of browsing through a bookstore with your feet — not just with a computer mouse. The company plans to close about 30%, or roughly 200, stores over the next few weeks.

To run the show, Borders has decided not to go with a huge firm steeped in debtor-side bankruptcy work, like a Kirkland or a Weil Gotshal, but instead with Kasowitz Benson’s David Friedman, perhaps best known for his creditor-side work.

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I am not surprised that they are filing for bankruptcy. With the increase of content on the internet and upcoming mobile technologies like the iPad, books and print media have been decreasing.