Borders, Barnes & Noble Experience Major Losses

Things aren't looking good for big booksellers Borders and Barnes & Noble. The AP reports that both chains have posted major losses for this quarter, their sales made worse by the online price wars between Amazon and Walmart that have driven prices on new bestsellers down so much as to make it nearly impossible for bookstores to compete.

Barnes & Noble hopes for some degree of profit in the future from its new eReader, the Nook, a new competitor for Amazon's Kindle. In launching into the digital book market is at least a step ahead of Borders, as analyst Michael Norris points out.

Stocks for the two companies have also fallen significantly. The Wall Street Journal reports a major fall for Barnes & Noble despite the early success of the Nook, which is currently unavailable until January.

Borders UK seems to be doing even worse than its American sibling. BBC News reports that Borders UK has been looking for a buyer recently, unsure if there will be enough cash to get through the Christmas season. The Guardian also notes that recent visitors to the Borders UK website have been unable to place orders, and that the chain has started to cancel author signings.

The future is looking bleak for these bookselling chains.

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