WTNH on YouTube: On Thursday, Borders will ask a judge to begin liquidation of the company.Reuters has even more details.
Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.As someone who lived in Ann Arbor from 1989 to 1999 and hung out in Ann Arbor regularly until earlier this year, spending much of that time in the Ann Arbor flagship store, I find this very sad for me personally, as you can see by my previous two posts on the subject at my LiveJournal.
The company said in a statement Monday it was unable to find a buyer willing to keep it in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.
Borders' roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.
"We are saddened by this development," Borders President Mike Edwards said in the statement. "We were all working hard toward a different outcome, but the headwinds we have been facing for quite some time ... have brought us to where we are now."
More at Crazy Eddie's Motie News: Borders Books 1971-2011.