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Borders to close remaining stores, firing 10,700
As the Melville House blog, MobyLives, notes: “The fat lady has sung for Borders.” Yes, it’s true—Borders Bookstore is closing for good. In fact, it was looking to auction off the company, with Books-a-Million possibly interested in buying about 50 stores. Instead, at the zero hour, Borders went ahead and filed for bankruptcy. CEO Mike Edwards had this to say:
“Following the best efforts of all parties, we are saddened by this development. We were all working hard toward a different outcome, but the head winds we have been facing for quite some time, including the rapidly changing book industry, [electronic reader] revolution and turbulent economy, have brought us to where we are now.”
As a New York Times report notes, liquidators Hilco and the Gordon Brothers Group will most likely begin closing the company’s remaining 399 stores — and firing Borders’ remaining 10,700 employees — as soon as Friday.
Fire sale? YES, IT SEEMS SO.
In more positive bookshop news, there’s some great eye candy over at The Outlet; check out gorgeous images of the world’s top 12 bookstores.