[possible reckless ofn] Borders officially ded

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now in morning

Borders to liquidate remaining stores - Jul. 18, 2011

NEW YORK (CNNMoney) -- Borders Group will liquidate its remaining assets after efforts to find a buyer fell through, the bookstore chain announced Monday.

The nation's second largest book seller, which filed for bankruptcy protection earlier this year, currently operates 399 stores and employs approximately 10,700 workers.

The liquidation process is expected to start as soon as Friday, pending bankruptcy court approval, Borders said in a press release.

Mike Edwards, president of Borders Group, said in a written statement that he was saddened by the development and that the decision came despite "the best efforts" of all parties.

"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," Edwards said.

The announcement comes days after a deal with Direct Brands fell through.

Direct Brands, owned by private investment firm Najafi Companies, had proposed a plan to buy Borders' (BGPIQ) assets for $215.1 million and assume $220 million in liabilities.

But the group said Wednesday that the deal to keep Borders operating was "no longer supported by the deciding parties."

"The deciding parties' legal team and financial advisors have elected another option which is in contrast to what we had envisioned for the future of Borders," the company said.

Borders, the No. 2 bookstore chain after Barnes & Noble (BKS, Fortune 500), filed for bankruptcy protection in February when the company also announced that it would close 200 of its 659 stores.
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this is terrible news

one of the greatest street fights i ever saw, irl or online, occurred outside the front doors of the chapel hills mall borders in colorado springs

borders bookstore memories :(
 
I thought they would turn the page on the bankruptcy filing.

It's a Mystery to me. :[
 
Haven't been to a brick and mortar bookstore since I got my Kindle last Christmas. Barnes and Noble can't be far behind.
 
This sucks, I used to work there when I was out of college. Good job, cool people. I still shop there. I haven't made the transition to E-readers so this sucks.
 
of course they will exist

but many of the people of the suburbs will have a hard time adjusting to the idea of going to a bookstore without a parking lot and large plastic light-up sign out front

i went to high school with kids who believed that barnes and noble were the names of two guys who invented books in the late 1970s
 
I'm surprised that this store is still around.

In other news, Cisco just announced that it's laying off about 16% of its workforce.
 
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