Recovery: Borders Calls Off Auction, Plans to Liquidate
July 19th, 2011Another 10,000+ people will be laid off.
Via: New York Times:
The Borders Group, the bankrupt 40-year-old bookseller, said on Monday that it will move to liquidate after no last-minute savior emerged for the company.
Borders said in a press release that it will proceed with a proposal by Hilco and the Gordon Brothers Group. That liquidation plan will be presented to the federal judge overseeing the company’s bankruptcy case on Thursday.
What is left to unwind are Borders’ 399 stores, about two-thirds of the locations it operated when it filed for bankruptcy in February. It currently has 10,700 employees.
Borders will begin closing down its remaining stores as soon as Friday, and the liquidation is expected to run through September.
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Sweet –
After they finish wiping out ALL the bookstores in my area, at least…
Three malls around me, not one Barnes & Noble, Waldenbooks, not to mention the privately owned independent bookstores – all gone once Borders came stomping in.
I’d say it’s poetic justice that Borders is being squashed by the likes of Amazon, just as Borders did to so many bookstores; but Amazon is no less of a community-destroyer than Borders was.
[singing]
…kindle has killed the paperback star…
looks like books have gone vintage, since the only place to get them now IRL is secondhand stores.