Winnipeg Booksellers file for bankruptcy protection
Winnipeg Booksellers McNally Robinson has filed for bankruptcy protection, many believe the company succumbed to a combination of the sudden surge in e-book sales and an ill-fated foray into southern Ontario.
Online retailer Amazon has reported it sold more e-books than printed books during the pre-Christmas sales rush.
McNally Robinson’s intentions to develop its online e-commerce sales store may be a good approach, especially if optimized correctly and if it can establish a niche selling local Canadian authors to a global marketplace.
Some say e-books will have the same effect music downloading had on music retailers and movie downloads and video on demand on the video rental stores. But in addition to the potential devastation e-books might have on the book-selling business, the retail industry in general has become much more competitive.
Reports show at least $3.2 million owing to more than 300 unsecured creditors.