"Over the past three decades, independent bookstores have faced a series of competitive threats. First, came the rise of chain bookstores, followed by the explosive growth of online giant Amazon.com. But when chain bookstore Borders filed for bankruptcy a year ago, independent booksellers in the Bay Area did not sigh with relief, nor did they toast to the newfound power and glory of the indie. That's because there's a new threat in town: e-books.

In 2011, sales of print books in the United States dropped 9 percent from the previous year, according to Nielsen BookScan. E-book revenue, meanwhile grew an astonishing 1,274 percent from 2008 to 2010, according to a Bookstats study..."

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