Borders, an Ann Arbor, Mich.-based chain that pioneered the big-box bookselling concept and grew to 1,249 stores at its peak in 2003, will cease to exist by the end of the day on Sunday. It’s a victim of a shift in the industry brought on by customers who’d much rather read their favorite titles on an electronic book or tablet computer than turn the page on a paperback.
Gordon Brothers Group, part of a group of liquidators leading the sales, says more than $700 million of the company’s inventory, including books, stationery, music and movies will be sold.
The additional closings would bring the remaining store total to about 400.
The 40-year-old company plans to close about 200 of its 642 stores over the next few weeks. All of the stores closed will be superstores, Borders spokeswoman Mary Davis said.