Borders Closing the Books

Borders, which has been suffering from financial set backs and earlier declared bankruptcy, failed to find a buyer. Store closings may begin as early as July 22 and will ultimately affect 10,700 employees as the last 399 Borders close. The Kobo E-reader, in which Borders had a stake, will continue to be sold and supported by Kobo. Borders plans to ask the court to appoint liquidation firms to conduct going-out-of business sales at its remaining locations.

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Borders Files Chapter 11 Bankruptcy

Borders Books and Music filed for Chapter 11 bankruptcy on February 16. It plans to close about 30% of its stores over the next several weeks. The Chapter 11 filing allows Borders to reorganize its operations while it seeks new capital.

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