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Borders closing


Borders Group will be liquidating and closing all of its stores — including the Turkey Creek location.

A release at www.borders.com stated, “Borders currently operates 399 stores and employs approximately 10,700 employees. Subject to the Court’s approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.”

The stores are expected to close as they sell out of inventory. Clearance sales began July 22.

Borders Group has submitted a proposal from Hilco and Gordon Brothers to purchase the store’s assets and administer the liquidation process. The announcement was made after the company filed Chapter 11 Bankruptcy in February, and after a preliminary asset purchase agreement with Direct Brands fell through in June.


In a letter to Borders Rewards members, Borders Group President Mike Edwards said, “As I’m sure you’ve heard by now, Borders will be closing its doors after more than 40 years of igniting the love of reading in generations of customers. ... In a nutshell, following continued negotiations and the best efforts from all parties, no bidders presented a formal proposal to keep our company operating as a going concern.

“We had worked very hard toward a different outcome. The fact is that Borders has been facing headwinds for quite some time, including a rapidly changing book industry, the eReader revolution and a turbulent economy.

“We put up a great fight, but regrettably, in the end, we weren’t able to overcome these external forces,” he added.

All Borders, Borders Express and Waldenbooks locations will be closing. According to the release, Borders will liquidate under Chapter 11 and expects to be able to pay vendors “in the ordinary course for all expenses incurred during the bankruptcy cases.”

“I extend a heartfelt thanks to all of our dedicated employees and our loyal customers,” Edwards said.

“For decades, Borders stores have been destinations within communities — places where people have sought knowledge, entertainment and enlightenment and connected with others who share their passions. ... My sincerest hope is that we remain in the hearts of readers for years to come,” he added.

For more information, visit www.borders.com

 

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