Goodbye, Borders. It was fun while it lasted.

As Bob Dylan sang, “The times they are a’changin’.”  For Borders Group, the nation’s second-largest chain of bookstores after Barnes and Noble, the times aren’t just changing, they’ve changed completely.  Borders is going to go out of business, and 10,700 jobs will be lost in the process.  A grand total of 399 stores will be closed; earlier in the year, Borders closed 200 stores in an effort to remain profitable and attract a buyer.  Unfortunately for Borders employees, a deal with Direct Brands to take over the company fell through.

Earlier in the year, Borders declared bankruptcy in an attempt to buy time enough to find a deal to keep the company alive.  They tried their best, but when the potential deal with Direct Brands changed from one that kept the chain open to a different sort of deal, Borders Group CEO Mike Edwards and company decided to scrap the deal and fold the business completely.

Time to fire up the book-burning furnaces, I guess.

Tags: liquidation sale, Borders, Borders to close for good, Borders to go out of business, Borders to sell everything off, Borders sale falls through, Borders to close nationwide, 10700 jobs lost as Borders closes, book stores, Direct Brands, Mike Edwards

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