Borders Books is going out of business

Borders Books is officially going out of business.

The Ann Arbor bookstore chain issued a statement this afternoon saying the company Hilco and Gordon Brothers will "purchase the store assets and start the liquidation process." 

Borders Group President Mike Edwards:

“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.

“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,” Edwards continued, “I extend a heartfelt thanks to all of our dedicated employees and our loyal customers.”

The liquidation process could begin as soon as this Friday.

Borders currently employs 10,700 employees, and operates about 400 stores nationwide.