Though Borders had received a tentative “stalking horse” bid earlier this month for around $215 million, that deal has since fallen apart and no one else has stepped up to the bidder’s box. Thus, the company has decided to say “aw, screw this,” and liquidate.
If the bankruptcy court approves the liquidation, the once-huge bookstore chain, which employs more than 10,000 people, could begin liquidating what remains of its 399 stores as soon as Friday.
“Following the best efforts of all parties, we are saddened by this development,” said Borders Group President Mike Edwards. “We were all working hard toward a different outcome, but the head winds we have been facing for quite some time, including the rapidly changing book industry, [electronic reader] revolution, and turbulent economy, have brought us to where we are now.”
Borders to Shut Down [WSJ]