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.
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