Will Eureka's Borders Bookstore Close?

Will the Eureka Borders soon close?  A Wall Street Journal post declared that the well-known bookstore chain may collapse after a deal with ” a private-equity investor fell apart late Wednesday.”

The development raises the prospect that Borders will soon close all its remaining 399 stores and go out of business. No other suitors have so far emerged for Borders ahead of a Sunday bidding deadline.

Borders’s deal with the investor, Jahm Najafi, unraveled Wednesday after publishers and landlords owed money from the company complained that his bid would allow him to liquidate the bookstore chain after buying the business…

Time was running short, with Borders set to address a bankruptcy judge early Thursday to seek approval of Mr. Najafi’s bid and procedures for an auction next week. The bookstore chain pivoted to anointing liquidators as the opening bidders in the auction, set for Tuesday.

In a letter to employees Wednesday, Borders President Mike Edwards said that Mr. Najafi had withdrawn his bid and that liquidators were now circling the company. He told employees he remained hopeful other suitors would emerge to keep Borders in business before next week’s auction….

Borders filed for bankruptcy protection in February and has since been bleeding cash and closed more than a third of its stores. Amid mounting losses, the bookstore chain put itself up for sale in a last-ditch attempt to survive.

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8 comments

  • TO ME THE BIGGEST SHAME IS THAT GREAT PHOTOGRAPHY DOESN’T QUITE TRANSLATE WELL ON A KINDLE….

  • J…Good point. I guess we’re seeing the end of an era. The dedicated bookstore is passing from view. I think that music stores are headed down the same road. Books will continue to be published both online and in print but they will be marketed more and more through places like Costco.

  • THANKS DAVE!…..SOME FOLKS JUST LIKE TO “SEE”……AND SOMETIMES IN THEIR “HANDS”…. 🙂

    LOVE,
    ~JAMES~

  • K at the bookstore

    Well, round here we call that bookstore serdrob, because we don’t let its name be spoken aloud near our poor books. Too scary. Borders is as far from an independent bookstore as you can get and not be Amazon. There are fine bookstores in Eureka and Arcata, and yeah, we do our best here in G’ville too. Cherish your independents.

  • BORDERS IS JUST LIKE McDONALDS…..ON THE OTHER HAND, “INSTANT GRATIFICATION” CAN BE GOOD TOO! LOCAL STORES HAVE AN ADVANTAGE – THEY CAN SELL “PREVIOUSLY ENJOYED” ITEMS FOR ALL TO VIEW. EVEN AMAZON PICKED UP ON THAT PREMISE OF USED ITEMS AND GOOD FOR JEFFERY BEZOS AND COMPANY.
    MY THOUGHT IS……..A KINDLE CAN”T REPLACE ACTUALLY “GROPING” A BOOK….AND SEEING SOMETHING IN PRINT. “AIN’T NOTHING LIKE THE REAL THING, BABY!”

    LOVE,
    ~JAMES~

  • As a writer who loves books, I have to say that publishing on Kindle has worked out well for me (I only have one “physical” book that has been published and countless magazines have published me). As for Borders closing, well I hate to see any bookstore close … even the corporate ones. I shop there as well as other shops, and the closing of the chain stores is affecting the smaller shops as well. (If people can’t buy their books at the mall, many just stop buying all together, which dries up the supply of used books.) It bodes poorly for authors, too. Kindle helps with that. I can publish there without a middleman and then hope to gain enough of a following to attract a publisher. So far I’ve got two short stories up, but a full-on novel will be up this summer. Yes, I’ve made some money, but not nearly enough to quit the day job.

  • I love my independent book stores but I do love Borders for just browsing to see what is out there. They have a lot of educational books that independent book stores don’t carry.

  • Pingback: A bookstore chain dies « All Tied Up and Nowhere to Go

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