The bookseller has gone from big-box villain to company on the brink of bankruptcy to bright spot in the mostly dismal retail space. The Verge’s Nilay Patel and author Brendan Ballou explain the unlikely story of its apparent turnaround.

This episode was produced by Isabel Angell, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Patrick Boyd, and hosted by Noel King.

Transcript at vox.com/todayexplained

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JLL's Amber Schiada