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Borders will close forever on Sunday, leaving tens of thousands of booksellers out of work. Below, we’ve included the final closure schedule for the remaining stores.
In an exit interview with the Detroit News, CEO Mike Edwards confessed that the company had been “in perpetual crisis” during his tenure.
Here’s an excerpt from the article: “Edwards tried to keep the final week at the headquarters festive, with job fairs, resume writing workshops and champagne parties … He is an unemployed chief executive without a grudge and with a $125,000 severance check. He doesn’t know where he’s headed — perhaps Southern California or Oregon, where he led Lucy Activewear and Ellington Leather — but he said he has received job offers from companies impressed with his handling of Borders’ bankruptcy.”
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Borders Group will ask the bankruptcy court to accept a liquidation bid from Hilco and Gordon Brothers. The liquidation will close the company’s remaining 399 stores and cut 10,700 employees.
UPDATE: The New York Times shared concerns about publishing layoffs: “Employees at major publishing houses worried that layoffs could be imminent, as many companies have dedicated staff members that work only with Borders. The closing could have a particular impact in paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could boost them to best-seller status.”
If accepted, the liquidation company will “purchase the store assets of the business and administer the liquidation process” without an auction. Liquidation could begin by the end of the week and conclude in September. We’ve included the complete release below.
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Borders’ CEO Mike Edwards has written an email to the 41 million members of the Borders Rewards loyalty program. In his note, Edwards promised customers that if they can’t find a desired book in a Borders store, the bookseller will order it and priority ship it free of charge to the customer’s home.
According to AnnArbor.com, this free service will be available until June 12th. The article offered this quote from the email: ”I hope you visit your neighborhood Borders and find that special book that speaks to you personally … It’s our way of showing our appreciation for your continued support and loyalty.”
Currently, Borders continues to struggle to reach an agreement with publishers about future book shipments. As we noted earlier, Edwards emphasized that Borders’ ability to weather the crisis is dependent on the support of publishers. What do you think?
New Career Opportunities Daily: The best jobs in media.
GE Capital provided a commitment to help struggling Borders Group restructure its finances with a “$550 million senior secured credit facility.”
At the same time, the deal comes with a few conditions: Borders must secure help from other sources to arrange for $125 million in “junior debt financing” to cover vendor debts and continue with store closures (“the identification of underperforming stores that will be closed as soon as practicable”).
Borders Group President Mike Edwards had this statement in the release: “[I]t is prudent as well for Borders to explore alternative avenues, including the possibility of an in-court restructuring. We are confident that whatever path Borders pursues to implement its strategy, we will be able to count upon the support of our vendors, who understand the critical role a strong Borders provides to the reading public.”
New Career Opportunities Daily: The best jobs in media.
Borders Books will close 17 stores early next year. The Detroit Free Press had the news: “Borders Group plans to close 17 Borders superstores nationwide after the holidays including one in Michigan. The last day of sales is Jan. 7 for the store at 30995 Orchard Lake Road, Farmington Hills.”
Today the bookseller also announced today that they will use Google’s Local Availability tool and Meetup Everywhere to create a more interactive shopping experience.
Borders CEO Mike Edwards explained: “Google’s Local Availability feature is yet another great service we’re offering that enables our customers to quickly search for a book at their local Borders store … Our stores are natural community hubs, where our customers gather together to celebrate books — our participation in Meetup will be a great avenue for fostering a strong sense of community around the joy of reading.” (Via MobyLives)
New Career Opportunities Daily: The best jobs in media.
