You are here: Home » News »

Borders To Close Remaining Stores

07/18/2011 4:21 pm 0 comments

Source: MSNBC.

Borders, unable to find a seller willing to get it out of bankruptcy, plans to close its remaining 399 stores and go out of business by the end of September.

“Following the best efforts of all parties, we are saddened by this development,” Borders Group President Mike Edwards said in a written statement late Monday. “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.”

The nation’s second-largest bookseller, which employs about 10,700 employees, said it will begin liquidating stores as early as Friday. The only two bidders for the company were two liquidation firms, Hilco Merchant Resources and Gordon Brothers Group.

Borders said it would ask the court Thursday to approve the bid by the companies to purchase Borders’ assets and administer the liquidation process.

To read this article in its entirety visit MSNBC.

Sphere: Related Content

HSBC Posts $11.5 Billion Profit, Announces Plan To Slash 25,000 More Jobs

Source: Steve Slater and Sudip Kar-Gupta / Reuters / MSNBC London - HSBC will shed 30,000 jobs as it retreats from ...

Debt Collectors Troll Facebook — Are They going too far?

Source: Herb Weisbaum / ConsumerMan / MSNBC Bill collectors have upped their game. They've added social media to their arsenal of ...

World’s Largest Bond Fund Bets Against U.S. Debt

Source: Reuters / MSNBC The world's largest bond fund began betting against U.S. government debt last month on the expectation that ...

German Takeover Of New York Stock Exchange Likely To Come Next Week

Source: MSNBC Frankfurt / New York — The board of NYSE Euronext is expected to meet on Sunday to discuss a planned takeover ...

School Expels Washington Fourth-Grader Carrying Loaded Gun

Source: MSNBC A fourth-grader was expelled after school officials in Oak Harbor, Wash., discovered he had a loaded handgun in his ...

Bank Of America Plans To Cut 30,000 Jobs

Source: CNN Bank of America expects to cut 30,000 jobs in the 'next few years' as it moves to refocus its ...

Bank Of America Cutting At Least 3,500 Jobs

Source: MSNBC Bank of America plans to cut at least is 3,500 jobs and possibly up to 10,000 in a major ...

Wells Fargo To Test $3 A Month Debit Card Fee

Source: CNN Money New York- Yet another of the nation's top banks is flirting with the idea of charging a monthly ...

Warren Buffett Says Stop Coddling The Super-Rich

Source: Reuters / MSNBC Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country's super-rich to help cut ...

Tennessee Schools Dispute Pits ‘Haves’ Against ‘Have-Nots’

Source: Miranda Leitsinger / MSNBC Memphis, Tenn. - School districts around the nation are being buffeted by turmoil and uncertainty, but ...

HSBC Posts $11.5 Billion Profit, Announces Plan To

Debt Collectors Troll Facebook — Are They going

World’s Largest Bond Fund Bets Against U.S. Debt

German Takeover Of New York Stock Exchange Likely

School Expels Washington Fourth-Grader Carrying Loaded Gun

Bank Of America Plans To Cut 30,000 Jobs

Bank Of America Cutting At Least 3,500 Jobs

Wells Fargo To Test $3 A Month Debit

Warren Buffett Says Stop Coddling The Super-Rich

Tennessee Schools Dispute Pits ‘Haves’ Against ‘Have-Nots’

More from the Roland S. Martin Blog

Politics Washington Watch
Rep. Clyburn Pushes The Clyburn Amendment To Help The Poorest Of The Poor (VIDEO)

Rep. James Clyburn joined Roland Martin on the set of Washington Watch to discuss the Clyburn Amendment. This amendment was created to help the poorest of the poor across the United States. MR. MARTIN: Is there anything specific the President and Congress can do to target African-Americans when it comes to this high unemployment number? REP. CLYBURN: Yes, there is, and we – you’ll find it in the rule development part of the so-called “stimulus bill.” I- — was – [...]
Read more →
News
WASHINGTON WATCH: Rep. James Clyburn On Feb. Job Numbers, African-American Unemployment, Bipartisan Jobs Bill (VIDEO)

New employment numbers came out Friday showing the economy continues to recover and continues to add jobs at a pretty healthy pace. There were 233,000 private-sector jobs created in February. That’s two, solid years of private-sector job growth. The unemployment rate was steady at 8.3 percent. Black unemployment was 14.1 percent, up half a percentage point from last month. Big job gains came in healthcare, business and professional services, as well as restaurants. The jobs problem and the upcoming election [...]
Read more →
Commentary Sports
ROLAND S. MARTIN: Props To NCAA For Banning Connecticut From March Madness

By Roland S. Martin Editor-in-Chief RolandMartinReports.com March Madness is usually a wild and crazy time on the campuses of the nation’s big-time college basketball programs as fans wait in line for days for tickets to see their favorite collegiate do battle in the NCAA postseason tournament. But if you’re a Connecticut Huskie fan, you’d better hope your team can have a magical run in the Big East tourney and qualify for an automatic bid because when it’s time for [...]
Read more →
Media Politics Roland Martin On CNN Video
Getting To The Polls: Is There An Enthusiasm Gap Amongst Republican And Democratic Voters?

Donna Brazile, Roland Martin, Ari Fleischer, Erick Erickson, Jessica Yellen and Anderson Cooper analyze voter turn out and if there is an enthusiasm gap amongst the GOP and Democrats. Sphere: Related Content
Read more →
Media Politics Roland Martin On CNN Video
Gingrich Has Problems With Women Voters, They Don’t Trust Him (VIDEO)

Roland Martin, Erick Erickson, Donna Brazile, Ari Fleischer and Anderson Cooper discuss Mitt Romney, Newt Gingrich, their wives and Gingrich’s problems with women voters.
Read more →
Commentary Sports
ROLAND S. MARTIN: Football Power In Texas Has Shifted To Houston

By Roland S. Martin Editor-in-Chief RolandMartinReports.com I hate the Dallas Cowboys. No, I don’t dislike them. I flat out cannot stand anything about the Dallas Cowboys. The year they went 1-15, I was ticked they won that one game. When they played in those three Super Bowls in the ’90s, I rooted hard for the opposition. Hell, I hate them more than the Ku Klux Klan! That’s why I take great pleasure in seeing the transfer of power in the [...]
Read more →
Politics
Herman Cain Tops Mitt Romney In Latest CBS/NYT Poll

Source: Corbett B. Daly / CBS News CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto. Businessman Herman Cain is now atop the field of Republican White House hopefuls, squeaking past former Massachusetts Gov. Mitt Romney in the latest CBS News/New York Times poll. Cain garnered 25 percent support of Republican primary voters in the poll released on Tuesday, compared to Romney’s 21 percent. To read this article in its entirety [...]
Read more →
Politics
Rick Perry: Obama Birth Certificate ‘A Good Issue To Keep Alive’

Source: Luke Johnson / The Huffington Post Texas Gov. Rick Perry said the birther issue was worth “keeping alive” in a CNBC interview Tuesday morning. “It’s a good issue to keep alive. It’s fun to poke at him,” said Perry, according to host John Harwood. Perry also spoke evasively about President Barack Obama’s birth certificate in an interview with Parademagazine published over the weekend. When asked if he believed the president was born in the United States, he said, “I have no reason to think [...]
Read more →
Video
What Did You Think Of The GOP Debate? (VIDEO)

CNN’s T.J. Holmes caught up with some folks just after the Las Vegas GOP debate ended. WATCH: Sphere: Related Content
Read more →
Video
Poverty Rises For Blacks In Omaha (VIDEO)

CNN’s Thelma Gutierrez reports on the disproportionate rate of poverty among African-Americans in Omaha, Nebraska. WATCH: Sphere: Related Content
Read more →

← previous next →

Trending On RolandSMartin.com

More from the Roland S. Martin Blog