The Borders Group, the bankrupt 40-year-old bookseller, said on Monday that it will move to liquidate after no last-minute savior emerged for the company.
Borders said in a press release that it will proceed with a proposal by Hilco and the Gordon Brothers Group. That liquidation plan will be presented to the federal judge overseeing the company's bankruptcy case on Thursday.
What is left to unwind are Borders' 399 stores, about two-thirds of the locations it operated when it filed for bankruptcy in February. It currently has 10,700 employees.
Aside from being deprived of a place to buy books in my town, this unfortunate development will also mean less competition for Amazon.com. And 10k plus people added to the ranks of the unemployed, although I know nobody cares about that.