liquidation

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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."

(photo by Steve Carmody/Michigan Radio)

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.