Borders Bookstores to Close

General • July 2011 • Views: 1,354

Borders Bookstores are closing the remaining stores. sun-sentinel.com

NEW YORK (Reuters) - Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.

The company said in a statement Monday it was unable to find a buyer willing to keep it in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.

Borders’ roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.

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9 comments

Bob Dillon Jul 18, 2011 6:54:27pm

Its been yes they will - no we won’t - all day. Guess we just have to stay tuned for the actual when.

John Vreeland Jul 18, 2011 8:05:52pm

They never had a chance. They spent so much time and effort hiring and firing CEO’s that they were never able to get a plan up and moving. They were too busy looking at each other to notice that the industry was changing around them.

Off Colfax Jul 19, 2011 1:37:49am

Fine. I’ll be the one to say it…

Books. Entire stores worth. On sale. At clearance prices.

Might as well take advantage of it while it lasts.

researchok Jul 19, 2011 3:13:59am

The market has spoken.

Boondocksaint Jul 19, 2011 4:23:35am

Borders was a cool store. They had lots of great books and cds and dvds…at double the price of Amazon.

Pie-onist Overlord Jul 19, 2011 6:07:23am

Borders puts stuff on sale for the first time ever.

lawhawk Jul 19, 2011 6:43:54am

And with the closures, there goes another 10,000+ jobs in retail.

The company never really had a chance. They didn’t have an online strategy; lacked resources to compete against either B&N or Amazon, and their pricing wasn’t competitive with the market.

Not that B&N is in great shape. They’ve got an ownership fight of their own to deal with, and their online/ebook strategy (Nook) is still behind that of Amazon, but they’re at least in that arena. Borders never could devote sufficient resources to the online/ebook field.

Bulworth Jul 19, 2011 6:51:42am

This is really too bad. I appreciated being able to actually look over the books before buying them. And Borders typically offered weekly sales that made purchases worthwhile.

What brick and mortar book stores are still open?

What, me worry? Jul 19, 2011 11:26:02am

I was talking about this the other day when I was musing over the idea that paper books are on their way out. I think in another 20 years the paper book market is going to be very tiny.

Borders is offering some online discounts, but not many and not on non-book items. I was looking for back-to-school items and maybe some discounted gifts for kids, but their selection is priced higher than the stores or other online retailers not just Amazon.

Besides, if you order online, how can you be satisfied you’ll get it or if you have a problem with the item, get either your money or the product returned? I wouldn’t order from any company online that’s liquidating.

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