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Borders Accepts Liquidation, Stores To Close by Oct. 1

ANN ARBOR, MI-The book retailer’s deadline for a buyer passed without a deal today. The company’s president said the firm will now submit to the liquidation process for 399 stores.

By Robert Carr | Updated on July 18, 2011

ANN ARBOR, MI-Borders Group has officially reached its last chapter of life – the company announced just hours ago that it will submit to a liquidation plan. The firm has 399 stores and about 10,700 employees.

The company announced in February that as part of the Chapter 11 bankruptcy it would close more than 225 stores countrywide, about 30% of its total 642 stores in the US and Puerto Rico. The firm tried to find a buyer, and as of June 30 had an agreement with Najafi Cos. to save the firm, but the deal collapsed last week.

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