The Borders Group announced Monday that it would be liquidating its remaining 399 stores nationwide, location and hundreds of other stores throughout the country in an effort to stave off bankruptcy.
"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards in a statement. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now," he added.
The financially troubled organization announced in February that it was closing 200 stores in 35 states throughout the nation as part of bankruptcy proceedings. Six Connecticut stores (Danbury, Manchester, Milford, Simsbury, Southbury and Wilton) were on the February list and in March two more (Fairfield and Stamford) were added. Meriden escaped both waves of closings.
After today's announcement, 10,700 employees throughout the nation will lose their jobs.
Liquidation could begin as early as this Friday, July 22, pending court approval, and if so, the corporation would expect it to end by the end of September.
