18 Jul '11, 11pm

A pity, Bookstore chain Borders writes final chapter

A pity, Bookstore chain Borders writes final chapter

NEW YORK : Embattled US bookstore chain Borders said Monday it would liquidate after failing to find a buyer amid the growing popularity of e-books and the slow economy. Borders, which filed for Chapter 11 bankruptcy protection in February and hoped to attract a bidder as it reorganized, said it would close its 399 stores. More than 10,000 people will lose their jobs. Borders said it will seek court approval Thursday of a previously announced proposal from liquidators Hilco and Gordon Brothers to buy the store assets of the business and start the liquidation, in the absence of a formal proposal from anyone else who would keep the business alive. "Following the best efforts of all parties, we are saddened by this development," said Borders Group president Mike Edwards. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite som...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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