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Borders makes it official; time to play taps
By adamg on Mon, 07/18/2011 - 4:58pm
Chain announces plans to liquidate; means 11,000 employees, including those in Downtown Crossing, will soon be out of jobs:
Subject to the Court's approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.
Neighborhoods:
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Comments
Dam that sucks. So are we
Dam that sucks. So are we going to see a fire sale to consumers like they did at Back Bay or is this all going to be sold off to Mitt Romney type guys?
Fire sale, may start as soon as Friday
Same deal as when other Borders stores (and, for those who remember, Lauriats, Blockbuster, Tower Records, Circuit City, etc) closed. Big garish yellow STORE CLOSING and XX% OFF signs all over the store.
Not really great bargains
When the Copley Border's closed, the "going out of business" sale dragged on for months, but save for a few magazines at 50% off, there really weren't any great bargains, and I went in quite a bit. Maybe 30% a few 40%,but not what you'd expect at a going out of business like this. Possibly they farmed the stuff out tot he remaining stores. Maybe it will be different this time as the whole chain is going out of business. I will miss the downtown Borders.
Yeah I kind of agree. By the
Yeah I kind of agree. By the time the store got down to the really deep discounts it had basically been picked clean.
Ditto
Considering as a free rewards member you got a 40% off any book coupon almost weekly, the fire sale isn't anything amazing.
Have they said...
...whether they will honor Borders gift cards and such through their fire sale?
Feel really bad for the employees
I know far too many unemployed people right now. What are the chances the Borders employees will find jobs? This sucks.
the borders website says
the borders website says they're doing chapter 11 bankruptcy, so the one where the company will reorganize. all 11,000 people aren't being laid off, and all the stores aren't closing... i think its just the plan they previously announced to close those specific stores.
The Borders website is not up to date
Maybe it will be tomorrow, or Friday, but it sure isn't right now. Ignore it, and read the Wall Street Journal or just about any other newspaper instead.
ALL of the stores are closing -- that's what a "liquidation" is. Maybe we'll be lucky and some other chain will make a side deal with the liquidators to reopen a store here and there, but don't count on it.
*i stand corrected.... now im
*i stand corrected.... now im reading that they *are* closing all their stores. (so why are they doing it under chapter 11?)
They originally wanted to reorganize
And then, when that wasn't working, they wanted to sell out. Only when that didn't work either, and money was rapidly running out, did they move to liquidation. There's probably some advantage to staying in Chapter 11 for liquidation rather than converting immediately to Chapter 7, but I don't know much about bankruptcy law.
Like he said
They've been in chapter 11 for a while. Part of Chapter 11 was the 'reorg' where they closed those stores. Then they went looking for a buyer. They had one, but the deal just fell through. So unless someone steps up in the next day or so, under the same chapter 11, they'll "give up" and get permission from the court to just liquidate.
No restrooms.
Try Amazon.
http://boingboing.net/2011/04/05/closing-down-bord...
Can't say that I was keeping them afloat.
I'd pop in every now and again and pick up a magazine or two that you can't usually find at CVS. Bummer. Downtown Crossing is turning into more of a wasteland then it used to be.