Borders seeks bankruptcy court approval to liquidate all 399 stores

I guess we will have to add another 10,000 or so to the umemployment numbers. When will the bleeding end? I cannot believe that Congress does not see how they are affecting everyday people lives. Technology is great, but our bookstores are paying the ultimate price.

There will be no storybook ending for Borders. The 40-year old book seller could start liquidating its 399 remaining stores as early as Friday.

The chain, which helped pioneer the big-box bookseller concept, is seeking court approval to liquidate its stores after it failed to receive any bids that would keep it in business. The move adds Borders to the list of retailers that failed to adapt to changing consumers’ shopping habits and survive the recession, including Circuit City Stores Inc., Mervyn’s and Linens ‘N Things.

Borders is expected to ask a judge to approve a sale to liquidators led by Hilco Merchant Resources and Gordon Brothers Group. Liquidation sales could start as soon as Friday if the U.S. Bankruptcy Court of the Southern District of New York approves the move at a scheduled hearing on Thursday. The company is expected to go out of business by the end of September.

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