Borders Liquidating


Well, I guess this is it.

An end of an era.

It looks like the electronic publishing world and online retailers have finally outdone themselves and put another brick and mortar out of business.  Only this time, it’s a brick and mortar that I really wish would stick around.

Borders is being liquidated.  That’s right, you heard me, Borders Book Store is closing.

This hurts, it actually does.  I love the time that we get to go out to Borders, sit and drink coffee, read books, relax, pick up GREAT bargains and even a quick trip for a gift card or a specific book for a gift or a class or something.  I have even found some great local books and authors as well as built a great rapport with some of the employees there.  They give tips on a book I may be interested in, or if there’s a sale coming up, etc.

BUT, the one that’s going to be absolutely DEVASTATED about them closing is going to be my son.  He ALWAYS wants to go to the bookstore and get coffee.  When he hears they’re not going to be there anymore, he’s going to be devastated.

Looks like we’re going to have to find a mom & pop shop around the area that isn’t too far out of the way and is close to a coffee shop.  Only problem is, I haven’t found a mom & pop shop that has that type of air about it.  We’ll have to see how it turns out.  One thing I can say is if they’re liquidating, looks like I’ll be getting a LARGE number of books at some great prices.  Hopefully.  I’ll let y’all know if I hear anything more.

I mentioned back in February, that Borders was going to be closing a number of their stores.  Well, they’ve gone one step further and are now closing ALL of them.

I first got the clue about it when I read an article about Borders supporting the Kobo Wireless E-Reader even after they liquidate.  I then did a little digging and here’s what I came up with, the bottom line:

liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.

In other words, by September 30, 2011, all Borders stores will be closed.

For the full details, please check out the press release here and read an excerpt below:

Borders Group reported today that, in accordance with the terms of its financing agreement, the Company will submit to the Court for approval the previously-announced proposal from Hilco and Gordon Brothers to purchase the store assets of the business and administer the liquidation process. Borders said that, in the absence of a formal proposal from a going concern bidder, it did not require an auction prior to presenting the proposal to the Court at a scheduled hearing on Thursday, July 21, 2011.

“Following the best efforts of all parties, we are saddened by this development,” said 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,” he added.

“For decades, Borders stores have been destinations within our communities, places where people have sought knowledge, entertainment, and enlightenment and connected with others who share their passion. Everyone at Borders has helped millions of people discover new books, music, and movies, and we all take pride in the role Borders has played in our customers’ lives,” Edwards continued, “I extend a heartfelt thanks to all of our dedicated employees and our loyal customers.”

Borders currently operates 399 stores and 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 Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September. Borders intends to liquidate under Chapter 11 of the Bankruptcy Code and, as a result, Borders expects to be able to pay vendors in the ordinary course for all expenses incurred during the bankruptcy cases.

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~ by Normanomicon on July 20, 2011.

5 Responses to “Borders Liquidating”

  1. Sounds like you need to find a coffee shop as much as a book store. 😉

    Truly, though, you can’t place the blame for Borders’ demise at the feet of online retailers and electronic publishing. The company has been mismanaged for close to ten years from the top down. Missteps, arrogance and some willful ignorance… in other words, poor governance and management… killed Borders.

    • Well, we’ve got the Starbucks, and a few local good coffee houses around, but it was easy, convenient and friendly at Borders, you had everything at one place.

      And yes, I do understand that e-tailers and epubs aren’t the sole reason, but I’m sure they did have an affect on it. I knew Borders had problems with management, but didn’t realize it was that bad.

      Either way, as soon as I find a new place, I’ll be posting about it.

  2. Sure, Borders took a hit from e-publishing and e-retailing, but mostly because the company rolled over and presented their belly when it was all getting started. In the early days of Amazon, Borders elected to have them handle Borders’ e-commerce rather than rolling their own. The result? Amazon received a tremendous branding and sales boost and left Borders in the dust. When then partnership was over, it was far too late for Borders to catch up with Amazon, which by then effectively defined the online bookstore.

    • You know, now that you mention it, I do remember something about that.

      So do you think Borders will at least retain an e-presence (Kobo will still be supported either way) or are they completely going out?

  3. […] PLEASE NOTE:  AN UPDATED POST HAS BEEN DONE ON THIS ISSUE. […]

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