(ANN ARBOR, Mich.) -- The Borders bookstore chain, which has been struggling financially for several years, announced Monday that it will be closing for good, shutting down all of its remaining 399 stores.
The company filed for Chapter 11 bankruptcy protection in February and shuttered dozens of outlets in an attempt to survive, but had no choice but to close up shop when a bid from a private equity group fell apart last week and no other bidders came forward.
Borders Group President Mike Edwards issued a statement saying, “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, e-reader revolution and turbulent economy have brought us to where we are now.”
The company was started as a used bookstore in 1971 by brothers Louis and Tom Borders in Ann Arbor, Michigan, where the company maintains its flagship store. At its peak in 2003, Borders operated over 1,200 stores nationwide.
The company says liquidation sales at Borders stores could begin as early as Friday, including at Waldenbooks stores, also owned by Borders.
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