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Borders

Borders Employees Celebrated on Twitter

When the news broke yesterday that Borders Group is preparing for liquidatation, hundreds of readers voiced support for the approximately 10,700 employees about to lose their jobs at 399 stores around the country.

Sourcebooks publisher Dominique Raccah created a #ThankUBorders hashtag so publishing professionals, writers and readers can thank these employees for their literary service. Below, we’ve collected a few tweets from the community.

Here’s more from Sourcebooks: “I really wanted today to say THANK YOU to Borders – to their community of booksellers and home office staff over the years – for being such an important part of our lives, and for their dedication to getting books into the hands of so many people for so many years. If you’d like to add your thanks, please feel free to comment below and talk about what Borders’ booksellers have meant to you. You can also feel free to post to Twitter, Facebook, Google+.”

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Amazon Advantage Blamed in Borders Liquidation

Today the Alliance for Main Street Fairness (AMSF) released a strong statement blaming Amazon’s sales tax advantage in the impending liquidation of Borders. Following court approval, the liquidation will close the company’s remaining 399 stores and cut around 10,700 employees over the next few months.

Why do you think Borders failed? Here’s more from AMSF: “Special treatment for Amazon.com is decimating job providers like Borders and countless small businesses across the country. It is simply not fair that one business is able to operate with a government-sanctioned advantage that allows it to undercut its competitors forcing lost jobs and business closures. Lawmakers need to level the playing field and end the special deal that gives Amazon a competitive advantage over Main Street.”

Hundreds of readers shared support, tributes and thoughts about the end of Borders last night. You can follow all the responses in the #ThankUBorders Twitter stream.

Borders Preparing To Liquidate

Borders Group will ask the bankruptcy court to accept a liquidation bid from Hilco and Gordon Brothers. The liquidation will close the company’s remaining 399 stores and cut around 10,700 employees.

UPDATE: Sourcebooks publisher Dominique Raccah has launched a #ThankUBorders hashtag so publishing professionals, writers and readers can thank the 10,700 Borders employees for their literary service. Here’s an excerpt: “I really wanted today to say THANK YOU to Borders – to their community of booksellers and home office staff over the years – for being such an important part of our lives, and for their dedication to getting books into the hands of so many people for so many years. If you’d like to add your thanks, please feel free to comment below and talk about what Borders’ booksellers have meant to you. You can also feel free to post to Twitter, Facebook, Google+.”

The New York Times shared concerns about publishing layoffs: “Employees at major publishing houses worried that layoffs could be imminent, as many companies have dedicated staff members that work only with Borders. The closing could have a particular impact in paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could boost them to best-seller status.”

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Borders Accepts $215 Million Offer

Borders Group announced last night that it has entered into an asset purchase agreement with Direct Brands, a portfolio company of Najafi Companies.

Under the terms of the agreement, Direct Brands would purchase substantially all of Borders’ assets for $215.1 million, as well as assume $220 million of liabilities, subject to the auction and Bankruptcy Court approval.

If the deal goes through, Borders would operate as a wholly owned subsidiary of Direct Brands, which also owns the Book-of-the-Month Club as well as Columbia House. Hilco and Gordon Brothers have agreed to acquire any store locations that are ultimately not included in the sale and will close those stores in an orderly manner.

The deal is expected to go through by late July.

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