.

Borders Plans to Liquidate, Close All Stores Including Elk Grove

About 10,700 people will lose their jobs as nearly 400 stores close.

has announced its plans to liquidate, meaning the chain will likely shut down all of the nearly 400 stores that remain starting as soon as Friday.

That means that the 10,700 people who currently work for the national chain will lose their jobs, including those who work at the Elk Grove location.

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

Some stores will begin the liquidation process as early as this week, with the rollout finished by the end of September. The timetable for the Elk Grove location is not clear at this time.

They plan to liquidate under Chapter 11 of the bankruptcy code, meaning they will be able to pay vendors for all expenses during the bankruptcy cases.  

Borders is based in Ann Arbor, Michigan, home of the University of Michigan. Check out this release from Borders Group for more information.

Nikki Phipps July 19, 2011 at 04:08 PM
I am super, super sad that this store is closing. It is like a second home to me. I am not sure what to do with myself now that the only bookstore in Elk Grove will be gone. I know that there are other smaller bookstores but they don't have that "sit down and stay awhile" feel. I really do hope that by some miracle the store remains open or Barnes and Nobles takes over to keep my favorite spot open!
Julie July 20, 2011 at 03:25 PM
I too am saddened by this loss and hope Barnes & Noble will see this as an opportunity to expand to Elk Grove. In the meantime, it's off to the library I go!
Whyn Oldman April 02, 2013 at 06:18 PM
WHY is this article here? It was published way back in 2001. This is not news.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »