Borders Books liquidation sale begins Saturday at closing stores
The company handling the liquidation sales at some 200 Borders Books stores announced today the sales will begin Saturday. Hilco Merchant Resources of Chicago issued a press release saying the liquidation will begin with 20 to 40% on all merchandize with some exceptions. Over $350 million of inventory including books, magazines, music and movie media, calendars, posters and more will be liquidated.
Borders Group filed for Chapter 11 bankruptcy protection this week. As part of that, the Ann Arbor-based bookseller is closing stores in 35 states and Puerto Rico. Four Borders stores are closing in Michigan.
Borders has secure a half billion dollars in financing to help it through bankruptcy. Analysts have suggested Borders could emerge from bankruptcy protection later this year. But those same analysts question whether Borders has solved its basic problem: Why should someone shop at Borders when they can buy books online?