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Bookseller Borders Group to liquidate, eliminating over 10,000 jobs

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Borders had hoped to sell its assets to the Arizona buyout firm Najafi Companies, owner of the Book-of-the-Month-Club. However, Borders creditors objected to the terms of the sale. Borders had set a Sunday deadline to find a new buyer. The company will present its plan for liquidation to a bankruptcy judge on Thursday.The liquidation of the popular Borders bookstore chain will be felt by communities across the United States. Borders has some 270 superstores and 130 small store locations. The store closures will leave shopping centers with hundreds of thousands of square feet of vacant space. The closings will increase the vacancy rate at shopping centers with a Borders store to 18.8 percent, according to one real estate analyst.“When you lose literally miles of bookshelves, its going to have an impact,” said a spokesman for Hachette Book Group.

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