Is that the sound of Tap being played off in the distance? It appears that despite seeking debt restructuring and filing for bankruptcy was not enough to save Borders from its fate. The chain is closing up shop , taking all its remaining 399 stores with it. 11,000 employees are expected to be out of work.
Rumors of new bids for the faltering chain yesterday apparently all came to naught. Borders has already closed 200 of its stores in the wake of its February bankruptcy. In the end, liquidation firms Hilco and Gordon Brothers were the only ones willing to offer up any money for the rest of the chain.
The eBook revolution just passed Borders by. Competitor Barnes and Noble managed to get into the market and carve out a space, but there just wasn’t another nook for late-comer Borders. Borders is going ahead with the Chapter 11 filings and expects to be done with liquidation by the end of September. You will inevitably be seeing some signs around promising great deals, but remember, liquidations are not always the lowest prices, and all sales are final.