Borders Closing All Stores, Assets Liquidated by September
Company owned Ocean County Mall's now-shuttered Waldenbooks location
That's all she wrote on Borders.
Borders Group Inc. announced today that it will close all remaining 399 stores and liquidate all assets by September.
The company was scheduled to hold an auction Tuesday for bidders who wanted to keep Borders open for business, but it was canceled, according to The Huffington Post.
Borders announced the decision after it could not reach a deal for a sale to salvage 399 stores and 11,000 jobs.
According to HuffPo, 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.
Borders, which also owned Waldenbooks, had already shuttered its Waldenbooks location in the Ocean County Mall in Toms River, leaving the Hooper Avenue mall with no bookstore.
At one point, the mall was home to both a Waldenbooks and a B. Dalton bookseller.
Waldenbooks was one of 16 locations owned by Borders in New Jersey, which included its self-standing Borders stores. Though other locations sold movies and music and included a coffee shop, the mall Waldenbooks sold books and periodicals only.