Borders' liquidation to close 4 ME stores
National bookstore chain Borders is planning to close all of its nearly 400 locations, including four in Maine, after a failed bid to keep the business operating.
The Michigan-based retailer this week will seek approval from the U.S. Bankruptcy Court in New York to liquidate its assets, a move that, if approved, could lead the company's 399 stores to begin closing as early as Friday, according to The Associated Press. The company filed for bankruptcy in February and attempted to reorganize, closing more than 200 stores and seeking bids from investors to keep it afloat. But a $215 million bid by private equity firm Najafi Cos. fell apart last week following objections from creditors and lenders, who said the company would be worth more if liquidated. Should liquidation be approved, all stores would close by September.
According to its website, Borders has stores in Bangor, Brunswick and South Portland, as well as a Waldenbooks location in Auburn. The company has a total of 10,700 employees, but it's unclear how many are located in Maine.
Mainebiz web partners
Most Recent
Most Recent
Comments