Borders liquidating, shutting 399 stores

post from AMERICAblog News on 19 July 2011 05:00:19 PM. © AMERICAblog News

Marketwatch (h/t Amanda Marcotte Daily; my emphasis and paragraphing):

After a failed attempt to find a buyer, bankrupt bookstore operator Borders Group Inc. (BGPIQ -32.96%) said late Monday it will sell its store assets to liquidation firms Hilco and Gordon Brothers and submit a liquidation plan for bankruptcy-court approval.

The bookstore operator, the U.S.'s second largest after Barnes & Noble Inc. (BKS 0.35%), operates 399 stores and employs about 10,700. Liquidation is expected to begin for some stores and facilities as soon as Friday, with a phased rollout of the program to conclude by the end of September, the company said in a statement.

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards. "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."

That's definitely going to leave a mark on the next jobs report. But hey, shrinkage is growth (in some quarters).

GP