“Borders Bookstore Will Eliminate 11,000 Jobs, Close 400 Remaining Stores”
That’s the headline from today’s Huffington Post story. I knew Borders had filed for bankruptcy protection, obviously, but somehow I thought the chain – and most of its employees – would be saved from actual dissolution. Apparently not.
Bankrupt Borders Group Inc said it has canceled its auction and will sell itself to a group of liquidators.
Borders announced the decision on Monday, saying it was not able to reach a deal for a going-concern sale to salvage its 400 remaining stores and 11,000 jobs.
A liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.
It all makes me so sad. Not only will 11,000 people be out of work – just what this country needs, right? – but now there are 400 fewer places where readers can buy books. Yes, there are other options – from online retailers to independent stores. It’s just that I wish some clever business person had been able to rescue the company and get it back on its feet. If Barnes & Noble is still breathing, why not Borders? How does a once successful operation sink into oblivion?
Sad, as I said. Just sad.