Borders plans to close all stores, including Tukwila location
July 18, 2011 · 3:58 PM
Borders plans to close its remaining 399 stores, including the Tukwila location at the Westfield Southcenter Mall.
The Ann Arbor, Mich.-based company announced Monday that it plans to submit to U.S. Bankruptcy Court a proposal from Hilco and Gordon Brothers to buy the store assets and administer the liquidation process, according to a company media release.
Borders currently operates 399 stores and employs approximately 10,700 employees. Subject to the court’s approval, under the proposal, liquidation is expected to start for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program that is expected to conclude by the end of September.
Borders intends to liquidate under Chapter 11 of the Bankruptcy Code and, as a result, Borders expects to be able to pay vendors in the ordinary course for all expenses incurred during the bankruptcy cases.
Other Washington locations are in Seattle, Sea-Tac Airport, Redmond, Tacoma and Puyallup. Borders recently closed a store in Federal Way as part of a closure of more than 200 stores after the company filed in February for bankruptcy and tried to find a buyer for the remaining stores.
“Following the best efforts of all parties, we are saddened by this development,” said Borders Group President Mike Edwards in a prepared 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.
“For decades, Borders stores have been destinations within our communities, places where people have sought knowledge, entertainment, and enlightenment and connected with others who share their passion. Everyone at Borders has helped millions of people discover new books, music, and movies, and we all take pride in the role Borders has played in our customers’ lives. I extend a heartfelt thanks to all of our dedicated employees and our loyal customers.”