Update: No offers to buy Borders. Liquidation is next and already approved by a Judge. I really didn’t think it would come to this, but I’m not surprised it did.
No, seriously, I just read Joe’s blog post about Borders, and his belief that Borders is headed for liquidation.
I posted a blog a couple days ago ruminating about this very thing…here: Borders post and last Friday, Borders decided not to seek approval for a bid to save it in U. S. Bankruptcy Court. The deal they were close to getting approval on with Najafi Cos has fallen apart. Borders’ creditors put the kibosh on it, hoping for a different deal that had more cash attached to it and now, they’re probably going to get next to nothing. Borders is accepting bids but at 5 p.m. Sunday – that’s tonight, and if they don’t get any or they don’t get what they have to get – it’s goodbye Borders.
Liquidation means they will probably close all remaining stores. All of them.
Way down near the bottom of the IB Times article there is this: Late last year Barnes and Noble, America’s largest bookstore chain, said it was in discussions for a possible sale and looking at other strategic options for the future since it was losing money as buyers pulled away from hardcover books, the most lucrative product brick-and-mortar stores have traditionally sold.
Now, Barnes and Noble may hang on because they have the Nook, and for a few years down the road – how few is anyone’s guess – dead tree books will still be available in stores like BnN. But, with the now almost guaranteed closing of Borders, the places you buy your books has just shrunk.
Personally, I hope some book loving company comes in at the last minute to save Borders, but I don’t think it’s going to happen.
Read Joe Konrath’s post about it here: Konrath blog post He isn’t beating a dead horse, just speaking the truth.