CG: Borders to Close Remaining Stores (City Guide Magazine)

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CG: Borders to Close Remaining Stores

July 18, 2011 - by NYC News Desk

Borders-to-Close-Remaining-Stores-20010101

Borders - home to many events in its locations throughout the country - will close its remaining stores, according to published reports. 

This includes those in New York City, most notably the Columbus Circle location, which has featured innumerable theatre events. The bookstore has in its roster upcoming appearances from Jane Lynch and Jane Fonda; tomorrow the location will feature an appearance from the cast of the current Broadway run of HAIR.

Borders canceled a bankruptcy auction due to a lack of bids and will instead liquidate their assets. Its largest competing companies, Barnes & Noble and Amazon, are both creators of bestselling eReader devices - which was likely a factor in the slowing of Borders sales.

The process of liquidation will begin as early as this week, and is set to conclude by September and earn around $270 million. 

At this time, Borders has about 400 stores remaining in the United States.

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