ANN ARBOR (WWJ) – Ann Arbor-based Borders is liquidating, and will close its almost 400 stores, which will impact about 11,000 employees.
“Following the best efforts of all parties, we are saddened by this development,” said Borders Group President Mike Edwards, in a statement. “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 said.
“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 … I extend a heartfelt thanks to all of our dedicated employees and our loyal customers,” Edwards said.
WWJ Business Editor Murray Feldman said the liquidation could begin as early as Friday.
“Borders has been struggling to find a buyer or a partner since before the last Christmas season. They went bankrupt officially filing papers in February,” said Feldman.
“It looked like a third largest bookseller in the country, Books A Million, might make the last minute bid for Borders, but that apparently is not going to happen,” he said.
In February, the bookseller had announced plans to begin the bankruptsy process and to close one-third of their stores.
Borders was founded in 1971.