Tagged: borders group

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.

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.    

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. 

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. 

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.  

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. 

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.

A federal bankruptcy judge has decided to give Borders Group another 90 days to review leases for its bookstores.   The Ann Arbor-based bookstore change is working to emerge from bankruptcy later this year. Borders is already closing 200 bookstores across the country, including 4 stores in Michigan.   Borders is expected to announce plans to close additional stores and renegotiate leases on about 600 other outlets. 

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 Books’ successful trip through bankruptcy is contingent on deals with publishers.    Borders filed for bankruptcy protection Wednesday. 

Court documents show the Ann Arbor-based bookseller owes more than $150 million to 7 publishers, including Simon & Shuster, Random House and Penguin.    Borders has also been delaying payments to publishers since December.