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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.

want2say July 19, 2011 at 08:35 PM
I certainly hope they don't try to close down the libraries. Those of us who do want to learn and love our books need someplace we can go. (Personally, i have always preferred the library anyway!)
BN July 19, 2011 at 10:56 PM
Quoting the Huffington Post? Why? It's a leftist rag....not a legitimate news source. Should have gone with the Wall St. Journal for accurate, unbiased reporting on the business world.
ZeroHedge July 20, 2011 at 12:20 AM
keep up the great work Obama
Rick Galgano July 20, 2011 at 02:11 AM
What does Obama have to do with Boarders closing? How about the shift in the way consumers buying books online? Duh?

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