Crimson-hued book retailer Borders went bankrupt a month ago, after many long months of financial decline. It's cause people don't buy stuff at book stores any more, you see.

So what's the plan for redemption, besides closing down hundreds of stores? Borders president Mike Edwards today lets the WSJ in on his two-prong plan.

PRONG THE FIRST: Apparently Borders owns a stake in an "e-book retailer" called Kobo, so they'll start taking a little money every time Kobo sells an e-book, and also "put all of its online and in-store marketing and promotional muscle behind the Kobo brand." GAME CHANGER.

PRONG THE SECOND: They'll stop filling up their 25,000 square-foot stores with the worst kind of dead weight—new books.

Mr. Edwards said that he would like to have 15,000 square feet reserved for books. Remaining space could go to a cafe, children's books and educational toys and games, and consumer electronic products. Borders may also seek to add used books, an area that Mr. Edwards said is doing well online.

I'm not "turnaround consultant" but I'm pretty sure that most Borders already have "a cafe, children's books and educational toys and games, and consumer electronic products"??? So, basically add some used books. GAME CHANGER.

[WSJ. Photo: AP]