Time of death: Mon Jul 18, 2011 5:22pm EDT
(Reuters) - Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.
The company said in a statement Monday it was unable to find a buyer willing to keep the company in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.
Borders' roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.
One year ago, I was told I'd ruin my writing career if I went the indie route.
One year ago, e-book contracts were considered the subsidiary right.
One year ago, publishers decided what we could read.
One year ago, I did all my studying at a Borders.
What a difference a year makes.
My heart goes out to the 11,000 people who've just lost their jobs, but this is the consequence of a company with zero foresight. This is still America. Companies either innovate or they die. A new industry model is rising in Borders' place, one that puts the interests of readers and writers first. I just never expected the change to happen so fast.
Updates when they come...