It was announced today that Border’s (Group) Books will close. Many of its 399 stores will begin shutting the doors this Friday, and 10,700 employees will lose their jobs. Earlier this month, Najafi Companies bid $215.1 million for the chain, and it looked like the bid would be successful. However, a committee of Border’s creditor’s nixed the deal as it would have meant most of them would not have received payment.
The Najafi Companies, which also owns Books-of-the-Month will not make another bid to purchase Borders.
In a statement, Mike Edwards President of Border’s Group said, “The headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now.”
The book chain filed for bankruptcy in February of this year hoping to reorganize and remain in business, but that moved ended with the closure of 650 stores. Borders has been struggling to survive for a number of years through the changes in publishing, difficult economic times, and management turnover.
Independent book stores have been closing in huge numbers as the eBook revolution moves to online retailers like Amazon. Publishers worry that this closing is just a sample of things to come, with more brick-and-mortar store closings, smaller print runs, and rapid changes in consumer’s reading preferences.
As of this writing there was no information available on the future of book titles for the Kobo eReader, or if Borders will be honoring their gift cards.