Borders bookstore executives tried to find a buyer for their company which includes 399 remaining stores, unfortunately no investor was willing to touch the company which helped pioneer the big box bookseller concept and now the company is requesting court approval to liquidate their stores, a move that will put them out of business by the end of September.
Borders President Mike Edwards said of the move:
“We were all working hard towards a different outcome, but the headwinds we have been facing proved too strong.”
With the company’s liquidation 10,700 employees will lose their jobs, a move expected to shake up the industry, as one analyst told the Associated Press:
“Bookstore employees don’t just sell books, they sell the activity of reading,” and “This industry is going to slowly figure out that a lot of e-book readers still use bookstores all the time to discover what’s new before heading home to buy it for their e-reading device.”
What are your feelings about the closing of Borders?