Borders, R.I.P.
Following on its "don't worry, it's business as usual as we search for a buyer" notice on its website, Borders Group, a pioneer in big-box booksellers, posted a sad notice on another section of its website confirming an unhappy ending to its story.
A press release yesterday confirms that it will close all stores and be out of business by the end of September. Unable to attract a buyer willing to rescue it from bankruptcy, the nation's second-largest bookseller, with 10,700 employees and more than 1,200 stores, is ending its run.
“Following the best efforts of all parties, we are saddened by this development," stated 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."
"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," Edwards continued.
"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. I extend a heartfelt thanks to all of our dedicated employees and our loyal customers."
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.
All of which is to say, the Borders brand will be no more as the company undertakes the painful process of winding down its 399 stores, and letting go of its approximately 10,700 employees and countless authors, vendors and others who depend on its for a livelihood and cultural sustenance.
Borders Group Inc., based in Ann Arbor, Mich., opened a single store in 1971, operated by Tom and Louis Borders. Acquired by Kmart in 1992, it became part of a book unit with Waldenbooks, and was spun off in 1995 — the fateful year that Amazon began selling books online. Borders Online launched in 1998, and launched its e-bookstore in July 2010 — "eight months after Barnes & Noble does," as Reuters notes.
http://www.brandchannel.com/home/post/2011/07/19/Borders-Closes-Doors.aspx
“The true sign of intelligence is not knowledge but imagination.” - Albert Einstein
Borders, R.I.P.
21 Jul 2011, 09:46
