Loyal customers of some Borders stores in the Northeast and Midwest, rejoice: you may not have to go long without a book superstore once Borders closes. According to bankruptcy court documents filed yesterday, Alabama-based chain Books-A-Million has agreed to take over the leases for 14 Borders outlets, mostly in the Northeast. A previous proposal for BAM (best store acronym ever) to take over 30 Borders leases fell through.
As Borders stores around the country are being salvaged for scraps before being melted down into a homogenous molten goo, it appears that even the retailer’s in-house computers have decided its time to retire.
Mike Edwards, the CEO of the liquidating Borders bookstores emailed a farewell note to all Borders Rewards Members last night. In it, he looked back at the over 40 years of bookselling and imagination-stoking the chain has done and explained why they were closing down. Beyond the sentiments, he also explained some important things you’ll want to know if you want to buy some books from them before they close their doors for good.
The liquidators have swooped into Borders with giant black and yellow signs screaming 20-40% off. But are these sales a good deals for consumers? I visited one to find out.
The trustee who’s liquidating Bernie Madoff’s firm has released $534.2 million in repayments to some of his victims, reports Bloomberg. The half-billion is a drop in the bucket of total verified losses, which are now more than $21 billion. But hey, those 1,558 victims whose claims were approved for this partial payout are probaby pretty happy—which is more than you can say for the 2,500+ Madoff customers who may be sued to return fake profits.
The decline in the “work clothing” market continues to take its toll. S&K Menswear are closing all 105 of their retail stores. The liquidation will be handled by Gordon Brothers, so don’t expect any actual deals. Going-out-of-business sales started on Thursday, May 21.
A mysterious message can be found at the website of recently-defunct retailer Circuit City.
Regular readers of the site already know this, but we will tell you again anyway — in a liquidation “all sales are final” means just that. You will not get an exchange if your item is defective. Period. You lose. Good day, sir!
Sorry deal hunters, the liquidation sales starting today at over 300 Ritz Camera locations will be managed by the same cabal of corporate scavengers that oversaw Circuit City’s abysmal liquidation sales.
Reader Eric writes in to let us know that our advice about inspecting Circuit City liquidation merchandise before buying it saved his brother from getting stuck with the wrong item.
Just when we thought that we were done with liquidations for awhile — Virgin decided to close and liquidate all their US stores.
Reader Adrian emailed this photo of the Circuit City in St. Peters, MO.
Looks like March 8th will be the last day on earth for many Circuit City stores. A reader saw a sign in a liquidated Circuit City that said the final day would be March 8th. Also, an insider saw a memo that indicated the “bulk” of the stores, 500 or so, would be closed on March 8th. The memo said stores are closing so early because “sales are ahead of schedule.” At this point in the liquidation cycle, “It looks like whatever hasn’t been picked through is starting to be actually decent prices” writes reader Will. “I scored an XM radio unit for 85 vs. about 110-130 on the net, and a Harmony One remote for 125 vs. 170 on the net.” However, he noted, “TV prices were still not cheaper than the internet.” So, it’s now safe to shop at Circuit City, just make sure to bring your internet price-checking devices.
Reader Kenneth stopped by his local post-apocalyptic Circuit City for an evening of bargain hunting. Was he successful, you ask? No, sadly Kenneth did not bag his limit of deals and return home happy. Instead, he found a $30 6′ USB cable.
KB Toys is leaving us forever, but their mess can still be seen on the streets of Brooklyn, says reader Dave.
Reader TJ says he’s found the worst laptop deal of all time, and it’s at a Circuit City liquidation sale in Florida.
With the demise of Circuit City, several of you wondered what’s going to happen to The Source (that’s how you say Circuit City in Canadian). The answer is that they’re on the auction block. [Canoe.Money] (Thanks to Mario Pants!)
Consumer Reports took a look at the so-called deals that people are flocking to at Circuit City — and again found that prices are higher than they would have been had the store not been liquidated. Judging by the photos of enormous crowds that are showing up in our Flickr pool — people still think that liquidation sales are bargains.