Reported today from various sources, including Shelf Awareness:
The end came yesterday, when the company said that because there is no "formal proposal from a going concern bidder," it does not need to have an auction today and can instead present the bid to liquidate to the judge on Thursday. Closing sales may begin as soon as this Friday. The last stores are expected to close by the end of September.
A very sad ending to this chapter.
Liquidation sales begin this weekend (July 22/23, 2011) at all of the remaining 399 Borders & Walden Books locations. If you have Borders gift cards, Consumer Reports suggests you use them asap before the liquidators begin refusing to take them.
As was the case with the last set of closures, sales will begin at up to 40% off - but don't expect a whole slew of great deals (there goal here is still to make money). As the sales progress and the September deadline approaches, expect the discounts to go up.
Borders plans on shuttering all remaining stores by the end of September, 2011.
Books-A-Million still has hope that it will be able to take over 30 of the locations, but that deal depends on the creditors. The WSJ reported that "a lawyer for the creditors committee said his group wouldn't support the Books-A-Million deal unless it adds value for creditors. A lawyer for Borders said the sale of stores would add 'seven figures' of value for Borders creditors." So who knows....
Labels: Borders, Closing, Going out of Business, Liquidation, sales