WSJ:
Borders Forced to Liquidate, Close All Stores
Borders, which employs about 10,700 people, scrapped a bankruptcy-court auction scheduled for Tuesday amid the dearth of bids. It said it would ask a judge Thursday to approve a sale to liquidators led by Hilco Merchant Resources and Gordon Brothers Group.
The company said liquidation of its remaining 399 stores could start as soon as Friday, and it is expected to go out of business for good by the end of September.
Borders filed for bankruptcy-court protection in February. It has since continued to bleed cash and has had trouble persuading publishers to ship merchandise to it on normal terms that allowed the chain to pay bills later, instead of right away.
“Following the best efforts of all parties, we are saddened by this development,” said Borders President Mike Edwards.
BTW, besides small secondhand operations, to my knowledge this will not leave ANY significant bookstore in the Central/Eastern/Maine geography.
But let’s increase taxes, because MORE FUND FOR THE GOVT WILL INCREASE JOBS?
GHOST TOWNS ARE COMING. Storefront by storefront.
See you all in the gulch.
BRING IT ALL DOWN
- Borders to Shut Down (allthingsd.com)
- No Borders. Book Giant Succumbs To Changing Industry (thewesternexperience.com)
4 comments:
GHOST TOWNS ARE COMING. Storefront by storefront.
I drove by just such a strip mall yesterday -- in Fairfax City, the Fairfax County seat.
I hadn't driven by that particular strip mall in about 5 months and was shocked to see that nearly the entire mall was empty.
Only Hooters seemed to be thriving in that particular strip mall.
Epa,
We still have Barnes and Noble.
We have several such strip malls around here. In some cases stores like Giant moved a half mile or so to a new bigger strip mall. But at the same time stores like Borders and Circuit CIty and Blockbuster video have left big empty buildings that have, in some cases, been empty 2 years with no potential tenants.
Calling all bibliophiles. Good time to go looking for bookshelves. I got 20 feet of basement wall from a bookstore going out of business, real cheap.
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