Wow. And just like that, it's gone.
After filing for bankruptcy in February and failing to generate interest in an auction yesterday, Borders Bookstores will close 400 of its locations nationwide, and will lay off 10,700 employees.
According to 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.”
As of now, the plan is to see the company's remaining stores and assets liquidated from the end of July to September, under the eye of Hilco Merchant Resources and Gordon Brothers Retail Partners.
Such a shame. But unfortunately, these are the times that we live in, and it seems as though they did every thing they could to not close down.
Our thoughts are with those who have or will be losing their jobs soon. Stay strong!
[Image via AP Images.]
Tags: bankruptcy, bookstore, borders, gordon brothers retail partners, hilco merchant resources, legal matters, mike edwards