BORDERS

Economy
10:31 am
Thu June 6, 2013

Old Borders flagship store in Ann Arbor to be new location for local steakhouse

Knight's Steakhouse will be moving downtown.
Knight's Facebook

The shell of one old Ann Arbor institution will become a new home for another, still thriving, Ann Arbor institution.

The owners of a local butcher and steakhouse, Knight's, plan to open another restaurant downtown. The new restaurant will be in the space once occupied by the Borders flagship store.

After Borders went bankrupt, the downtown space has been empty - a hole in the middle of an otherwise busy downtown.

AnnArbor.com's Lizzy Alfs has more:

“We’ve been looking for the right location for about five years,” said Don Knight, who runs the restaurant on Dexter Avenue. “When we saw this spot become available, we thought it could be really cool.”

The move comes 61 years after Ray Knight opened Knight’s Market at 420 Miller Ave., and nearly 30 years after he purchased Annie’s Dugout at 2324 Dexter Ave., opening the now-iconic Knight’s Steakhouse. Ray’s five children run the family businesses after Ray died in February.

You wouldn't know Knight's Steakhouse on Dexter Ave. is there unless you looked for the sign - a black knight chess piece. With a location downtown, you won't miss it.

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Business
9:34 am
Sat February 9, 2013

Former Borders headquarters in Ann Arbor sold

Borders Books (file photo)
Steve Carmody/Michigan Radio

ANN ARBOR, Mich. (AP) - The former Ann Arbor headquarters of bookstore chain Borders Group has been sold.

The Ann Arbor office of Colliers International tells The Detroit News that the buyer requested a confidentiality agreement, so no name was publicly disclosed. Colliers International is handling the sale.

The 330,000-square-foot headquarters was listed last year for $6.9 million.

Arts/Culture
12:07 pm
Fri December 16, 2011

With Borders gone, holiday sales up at many indie bookstores

Inside Nicola's Books in Ann Arbor
Photo courtesy of Nicola's Books

Holiday sales appear to be up at most independent bookstores in Michigan, thanks in part to the fact that one of their major competitors is no longer around.

Borders, the now defunct big bookstore chain, was often accused of killing the independent bookstore. But those indie bookstores that remain are now reaping the benefits of Borders demise.

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Economy
1:22 pm
Mon September 12, 2011

Closing the book on Borders' Ann Arbor store

Shoppers walk around looking for bargains, or memories, as just a few copies of the Jonas Brothers tour book are about all that's left on the shelves at Borders' Ann Arbor location.
(photo by Steve Carmody/Michigan Radio)

Today, the doors will close for the final time at the Borders bookstore in Ann Arbor. It’s a significant milestone marking the final days of the Ann Arbor-based bookseller. 

“Well it's so sad….we’ll miss’em…great store,” one longtime Borders customer said as she walked out the door of the bookseller's flagship store. That is the feeling of many people who stopped by the Borders store in Ann Arbor on its last day.    

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Arts/Culture
11:05 am
Tue August 30, 2011

Books-a-Million to expand to Traverse City and 13 other locations

Books-a-Million looks to expand to Michigan and other states.
Photo courtesy of Books-a-Million

Update 9:30 a.m

Books-a-Million received the green light from a judge to take over 14 former Borders stores, including one in Traverse City. Publishers Weekly has the details on the deal:

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Economy
10:47 am
Mon August 22, 2011

Borders Books liquidation moving forward

(photo by Steve Carmody/Michigan Radio)

What’s left on the shelves at your local Borders bookstore is expected to be gone in about another month.  The liquidation sales have been going on for nearly a month at Borders 399 bookstores across the U.S., including the company’s 26 Michigan locations.   

The Ann Arbor-based bookseller ended its fight to stay alive in July after repeated unsuccessful attempts to find a way out of bankruptcy-protection. 

Richard Kaye is with Hilco, one of the companies handling Borders’ liquidation. He says overall Borders’ ‘Going out of Business’ sales are proceeding as expected. 

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Economy
11:00 am
Tue July 26, 2011

Talks fall through to buy 30 Borders stores

A deal to sell the leases and assets of 30 Borders Book stores to Books-a-Million has fallen through.
Ruthanne Reid Flickr

NEW YORK (AP) - Bookstore chain Books-A-Million Inc. says its last-minute talks to buy the leases and assets of 30 Borders bookstores out of bankruptcy have fallen through.

Borders Group Inc., which filed for bankruptcy protection in February, received court approval last week to liquidate its 399 stores. The chain said at the time it was talking to Books-A-Million about buying 30 store leases and inventory.

But Books-A-Million said Tuesday those talks were unsuccessful.

A group led by liquidation firms Hilco Merchant Resources and Gordon Brothers Group are now holding going-out-of-business stores at all Borders stores.

Birmingham, Ala.-based Books-A-Million operates 231 stores in 23 states and the District of Columbia. Borders is based in Ann Arbor, Mich.

Economy
11:04 am
Fri July 22, 2011

Borders says goodbye after 40 years

A going out of business sale at a Borders bookstore in Washington D.C.
Martin Kalfatovic Flickr

CEO Mike Edwards sent a goodbye note to customers today as going out of business sales start at Borders Book stores across the country.

In his note, Edwards explained why the company couldn't keep their doors open:

We had worked very hard toward a different outcome. The fact is that Borders has been facing headwinds for quite some time, including a rapidly changing book industry, the eReader revolution, and a turbulent economy. We put up a great fight, but regrettably, in the end, we weren't able to overcome these external forces.

Over the last decade, the company made many missteps that led to its demise. One of the most notable was the company's failure to invest early in online book sales. Analysts say other problems included being overextended in real estate holdings for the bookstores, and a lack of leadership.

The shuttering of the company means 10,700 will be out of a job. 400 here in Ann Arbor will lose their jobs at Borders Headquarters (a place that once had 1,800 workers).

We asked our Facebook friends what they will miss when the Borders bookstores are gone.

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Commentary
10:37 am
Thu July 21, 2011

Why Borders Mattered

I was in my early twenties before I discovered Borders’, which then had been open for two or three years. The sensation when I first walked in was what I felt when I first visited the Library of Congress.

Overwhelming excitement, and despair. How could I ever possibly read all the books worth reading? You would need lifetimes to do it. Yet, here, at least, I could visit a sort of cathedral of the mind.

I remember how excited I was in my early thirties when Border’s opened its second store a stone’s throw from my first house in the Detroit suburbs. Another Borders, right here!  I think I understood how people in Appalachia felt when the Tennessee Valley Authority brought them electricity, back in the nineteen-thirties.

I will soon be sixty, and before that, Borders will be gone. A last-ditch attempt to save the bookstores failed last week, when the creditors concluded they’d probably do better with just a straight liquidation than they might if the latest venture to save them failed.

There are all sorts of theories about why Borders couldn’t be saved. Some said e-readers, some said the Internet. Some say the stores expanded too fast and moved beyond their core competence of selling books. One man said he knew Borders would die the day he found himself buying skin moisturizer there.

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Economy
10:53 am
Tue July 19, 2011

Borders closes: 10,700 workers to lose jobs

Borders will begin to close some of its stores as early as this week.
Steve Carmody Michigan Radio

After 40 years in the business, the national bookstore chain Borders has officially called it quits.

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Economy
7:03 am
Tue July 19, 2011

News roundup: Borders to go out of business

The closure of Borders is making headlines across the country this morning
Lornais Flickr

Borders Group Inc., the Ann Arbor-based bookstore chain, announced yesterday that it is closing after failing to find a buyer. Some stores will close as early as Friday. The liquidation of Borders is making headlines across the state and around the country:

Meanwhile, Michigan Governor Rick Snyder's office says the closing of Borders is more a reflection of publishing industry problems than a statement about Michigan's business climate, the Associated Press reports. From the AP:

His office says the fall of Borders marks the end of an important piece of Michigan history. Snyder is a former Ann Arbor businessman who was elected as a Republican in November.

Spokeswoman Geralyn Lasher says the Snyder administration will "want to look closely from the jobs perspective of people in the state."

Economy
4:35 pm
Mon July 18, 2011

Borders Books is going out of business

The liquidation process for Borders stores could start as early as Friday, July 22.
Jennifer Guerra Michigan Radio

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:

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Auto/Economy
4:39 pm
Thu July 14, 2011

Borders faces liquidation after lead bid falls through

Borders bankruptcy auction set for July 19
Jennifer Guerra Michigan Radio

It’s been a busy 24 hours for Ann Arbor-based Borders: The bankrupt bookstore chain has gone from having a potential buyer to talk of liquidation.

The auction to sell Borders is still scheduled for Tuesday, July 19th.  But the lead bidder, known as a "stalking horse," has pulled out. That bidder was Najafi, a private equity from Arizona a firm.

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Economy
6:21 am
Fri July 1, 2011

Borders agrees to sell itself for $215 million

Lornais Flickr

Borders has agreed to sell itself to private investment firm Najafi Cos. for $215 million, reports the Associated Press. The agreement, however, is tentative. From the AP:

Najafi, which owns the Book-of-the-Month Club, will also assume $220 million in debt.

The agreement is tentative and what is known as a "stalking horse" bid for a company under bankruptcy protection. The bid will open an auction for the bookseller and its assets, so a higher bid is possible.

A bankruptcy court hearing on the deal is set for July 21. If the court does not approve an auction process, Borders filed a separate motion to liquidate.

Najafi has been a speculative suitor for the Ann Arbor, Mich.-based company, although Borders has not previously confirmed any specific bidders.

Borders Group Inc. filed for bankruptcy protection in February.

Economy
11:57 am
Mon June 20, 2011

Borders hoping for sale by end of July

Borders filed for bankruptcy protection in February.

Bankrupt Borders Group may have an interested buyer. The Ann Arbor-based bookstore chain plans to name a bidder by July first.

In a motion filed Friday at the United States Bankruptcy Court Southern District of New York, Borders says the sale process has "gained significant momentum in recent weeks," and that the bookseller is "encouraged" that a successful buyer will emerge.

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Economy
1:10 pm
Thu June 2, 2011

Borders given more time to come up with a reorganization plan

Borders has more time to submit a bankruptcy plan. The company might have a buyer willing to take on more than half the remaining stores.
user brewbooks creative commons

When Borders filed for Chapter 11 bankruptcy last February, it had until mid-June to submit its own reorganization plan. Now a judge has given the company an extension.

Joseph Checkler of the Wall Street Journal says such requests are routine:

A judge on Thursday gave Borders Group Inc. more time to control its own bankruptcy case, after a lawyer for the bookseller said the company hopes to have a plan in place to sell most or all of the company's stores by the end of the month.

A lawyer for Borders didn't rule out that the company could eventually come up with a plan to reorganize but said a plan to sell stores to a third party is more imminent. The company says it is in talks with "multiple buyers" interested in "most up to all" of Borders's remaining stores.

Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the extension, a largely procedural move that gives Borders until October to file a reorganization plan and until December to solicit votes on that plan without having to worry about competing proposals from creditors or others.

The Journal reported that the private-equity firm Gores Group is interested in buying more than half the remaining 405 Borders Bookstores.

A lawyer for Borders said the company expects to announce a buyer in the next "two to four weeks."

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Economy
3:59 pm
Mon May 30, 2011

Borders prepares for important bankruptcy court date this week

Borders bookstore, Ann Arbor, Michigan
(photo by Steve Carmody/Michigan Radio)

Attorneys for Borders will be back in court this week  asking a judge to give the troubled Ann Arbor-based book store chain more time to exit bankruptcy protection.  When Borders filed for bankruptcy protection in February, the hope was the bookstore chain would be able to quickly turn itself around.   That apparently isn’t happening. 

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Borders
1:01 am
Tue April 19, 2011

Borders Books liquidation sales coming to a close

The sale is already over at this former Borders location in Ann Arbor
(photo by Steve Carmody/Michigan Radio)

The company handling the liquidation sales at more than 200 Borders bookstores says most of those stores will close by this weekend.  The liquidation sales have already been completed at many of the stores, including one in Ann Arbor. 

Rick Kaye is a spokesman for Hilco Merchant Services, the company handling the liquidation sales.  

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Economy
9:05 am
Mon April 11, 2011

Ann Arbor economic development leaders want to keep Borders HQ

Economic development leaders in Ann Arbor are hoping Borders Books will find a new home for its headquarters in city where the company started. 

Four decades ago, Borders started as bookstore in Ann Arbor.  With the big box bookstore chain now in bankruptcy protection, Borders executives are planning to move out of their Ann Arbor headquarters. 

But where?   As part of the company’s bankruptcy plan, Borders is looking for less expensive office space to rent. 

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Economy
2:06 pm
Wed April 6, 2011

Borders spokeswoman insists decision to leave Ann Arbor has not been made

Borders bookstore located in Arborland shopping center in Ann Arbor, Michigan
(photo by Steve Carmody/Michigan Radio)

A report in the Wall Street Journal suggested Borders plans to move its headquarters from Ann Arbor. But company spokeswoman Mary Davis insists no final decision has been made.   

"We are looking at a number of options all around the greater metropolitan Detroit area including Ann Arbor. News reports are making it sound like the decision is final and we are moving out of Ann Arbor. That is not the case."   

The Wall Street Journal reported late last night that Borders will outline its future plans to a group of its creditors today. Part of those plans involves moving out of the company's Ann Arbor headquarters. The company has said the building no longer serves Borders needs. Borders issued a statement saying the company will look for a new facility in metro Detroit.  

Borders filed for bankruptcy protection earlier this year. Since then, Borders moved to close more than 200 bookstores, including four in Michigan. Borders hopes to exit bankruptcy protection later this year, possibly in late summer or early fall.  

Borders, once a leader in the nation's book selling industry, has struggled in recent years as book buyers have moved online.

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