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Book and media retailer Borders announced today that it will hold off on paying some publishers in order to buy time and reorganize its debt amid a year of weak sales in its brick and mortar stores in the era of digital distribution.
The company has seen declining sales in books, movies and music since electronic book readers have emerged and most consumers have started to use digital distribution marketplaces like iTunes. Borders’ revenue was down 17.5 percent in tis most recent quarter when compared to the same quarter a year ago, according to their most recent filing with the Securities and Exchange Commission. Its loss has also doubled to $74.4 million, up from a loss of $37.7 million in the same quarter a year earlier.