Ann Arbor-based Borders Group Inc. plans to liquidate, marking the culmination of a years-long decline for the nation’s second largest bookstore chain, which had fallen into disrepair four decades after it opened its first store in downtown Ann Arbor.
The liquidation, which Borders announced shortly after 4:10 p.m., means that the 10,700 people who still work for Borders — including about 400 at its Ann Arbor headquarters — will lose their jobs.
The chain’s 399 remaining stores will be closed quickly, with liquidation sales starting as soon as Friday.
Although Borders is a shadow of its former self — it once employed some 1,800 workers at its corporate headquarters — it’s still a profoundly disheartening development for the local workforce. And it’s the biggest gut punch for the local economy since Pfizer announced its departure from Ann Arbor four years ago.
It's All Over: 399 Remaining Stores to Close as Borders Announces Plans To Liquidate Remaining Assets, More Than 10,000 People Will Be Out of Work
Filed by July 18, 2011on