Borders will be closing its doors by the end of September, liquidating its remaining 399 stores starting as early as this week. The closure comes as the United States’ second-largest bookstore struggled and ultimately failed to find a buyer to keep the company going.
The final decision to cancel a bankruptcy-court auction scheduled for today was fueled by a general lack of interest from buyers. Since filing for bankruptcy-court protection in February, Borders has struggled to receive merchandise on advance from publishers, causing the company to further hemorrhage money. The company currently has around 10,700 employees.
Borders’ defeat marks the beginning of a new era, where online book sales and digital downloads for e-readers dominate the market. "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 President Mike Edwards said.