Business & Tech
Borders Explains Closure, Says It Will Honor Gift Cards
In a letter to rewards program members, Borders CEO Mike Edwards thanked customers and gave more details about store shutdowns.
Members of the Borders rewards program got an email in their inboxes Thursday from bookstore chain CEO Mike Edwards.
The letter thanked customers for their business and sought to explain the conditions that caused Borders to and begin liquidation of its nearly 400 stores.
"You might be asking yourself, what happened?" the letter reads.
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"The fact is that Borders has been facing headwinds for quite some time, including a rapidly changing book industry, the eReader revolution, and a turbulent economy. We put up a great fight, but regrettably, in the end, we weren’t able to overcome these external forces."
Edwards said the company would continue to honor gift cards during the going-out-of-business sales that start Friday at stores across the country. Borders bucks will be valid through July 31, and Borders Rewards Plus members will be eligible for discounts through August 5.
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The full text of the letter is available here.
A Borders spokesperson that the exact closing date of the will depend on how fast merchandise sells, but that all stores will be shuttered by the end of September.
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