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.”