By Brittany Hazelwood
Any hopes of Borders being miraculously saved from the grips of liquidation were squandered as part of the debate on Border’s grim future was finally laid to rest. As last minute efforts to secure a buyer over the weekend proved unsuccessful, the second largest bookstore in the United States announced in a news release on Tuesday that the group has submitted a proposal with Hilco and Gordon Brothers to the courts for approval. The hearing will commence on Thursday, July 21st.
If approved, the courts could jumpstart the liquidation process for its remaining 399 stores as early as Friday. By the end of September, the retail giant should be completely out of business, leaving 10,700 employees without jobs. Borders President Mike Edwards offered his apologies saying, “Following the best efforts of all parties, we are saddened by this development. We were all working hard towards 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.”
As the fall of Borders seemed inevitable, cries have sprung up from across the country questioning what the fall could mean for the publishing industry. The Wall Street Journal speculates that the chain’s demise could “speed the decline in sales of hardcover and paperback books.” Kobo, which was boosted by Border’s early stake in the e-reader, has had to assure its clients that service will continue uninterrupted. And those currently employed with Borders have found room to air their frustrations in the blogosphere via Borders’ support groups and the growing commentary section of news articles.
For an interactive map of Borders stores remaining and a look at he history of theretailer throughout the years, read the full WSJ article here.