Borders is liquidating.
Bankrupt Borders Group Inc. has written its final chapter: liquidation.Of course, I haven't bought a book at Borders in years. The vast majority of my purchases are now through Kindle, with orders at Amazon running a distant second, and purchases at Barnes and Nobles, where they have a 10% discount program running a distant third. In fact, it was because Barnes and Nobles gave the 10% discount and Borders didn't that made me move my "brick and mortar" business to Barnes and Nobles.
The Ann Arbor, Mich.-based bookstore chain says it has been unable to find anyone to rescue it from bankruptcy so it will dissolve.
Before it filed for bankruptcy last February, Borders had stores in Stockton, Modesto, Elk Grove, Sacramento, Davis, Turlock, Folsom, Roseville, Fresno, Hanford, Visalia, and Bakersfield in the Central Valley.
After the initial Chapter 11 filing, it shuttered stores in Bakersfield, Stockton and Modesto. With the liquidation, all of its remaining 399 stores nationwide will be closed.
Hilco and Gordon Brothers will purchase the store assets of the business and administer the liquidation process, if approved, as expected, by the Bankruptcy Court.
"Following the best efforts of all parties, we are saddened by this development," says Borders Group President Mike Edwards. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now."
Borders currently employs approximately 10,700 employees. Subject to the court's approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as this Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.
Still, I wanted it around so I could browse.
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