Beleaguered bookstore chain Borders has given up on trying to save itself, announcing that it will liquidate all of its assets and close its doors forever after failing to attract a last-minute buyer. Even before declaring bankruptcy back in February, the writing had been on the wall for some time, mostly because these days it’s become harder and harder to sell writing on walls. Certainly Borders’ president pointed to the rise of digital readers as a contributing factor to his company’s demise, which means many will probably look at the closing of Borders—the nation’s second-largest book chain—as something of an omen for brick-and-mortar bookstores. In more immediate terms, of course, some 10,700 employees are now out of a job, as the remaining 399 Borders locations are expected to begin liquidation sales as early as this Friday, with an eye on the company shutting down for good by the end of September. On the bright side, you should be able to get some pretty good deals on books this weekend.
Send your Newswire tips to email@example.com