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THE WOODLANDS, Texas -- On Monday, Borders Group announced that the company will be closing all of its stores and liquidating under Chapter 11. The Borders book store at Market Street has not announced an official closing date. According to a released statement from Borders Group some stores could be closed as soon as Friday, July 22, with a phased rollout expected to conclude by the end of September.
In an effort to help store employees, the local store is seeking the community's support to help staff find new jobs. In addition to the Borders staff, a Seattle's Best Coffee retailer also operates within the book store.
In February, Borders Group announced it was filing bankruptcy. Borders has agreed to a proposal from Hilco and Gordon Brothers to purchase the store assets of the business and administer the liquidation process. On Thursday, July 21, the proposal will be submitted for court approval.
"Following the best efforts of all parties, we are saddened by this development," said Borders Group president Mike Edwards in a released statement. "We were all working hard towards a different outcome, but 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," Edwards added.
"For decades, Borders stores have been destinations within our communities, places where people have sought knowledge, entertainment, and enlightenment and connected with others who share their passion. Everyone at Borders has helped millions of people discover new books, music, and movies, and we all take pride in the role Borders has played in our customers' lives," Edwards continued, "I extend a heartfelt thanks to all of our dedicated employees and our loyal customers."
Borders currently operates 399 stores and employs approximately 10,700 employees.
In an effort to help store employees, the local store is seeking the community's support to help staff find new jobs. In addition to the Borders staff, a Seattle's Best Coffee retailer also operates within the book store.
In February, Borders Group announced it was filing bankruptcy. Borders has agreed to a proposal from Hilco and Gordon Brothers to purchase the store assets of the business and administer the liquidation process. On Thursday, July 21, the proposal will be submitted for court approval.
"Following the best efforts of all parties, we are saddened by this development," said Borders Group president Mike Edwards in a released statement. "We were all working hard towards a different outcome, but 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," Edwards added.
"For decades, Borders stores have been destinations within our communities, places where people have sought knowledge, entertainment, and enlightenment and connected with others who share their passion. Everyone at Borders has helped millions of people discover new books, music, and movies, and we all take pride in the role Borders has played in our customers' lives," Edwards continued, "I extend a heartfelt thanks to all of our dedicated employees and our loyal customers."
Borders currently operates 399 stores and employs approximately 10,700 employees.
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