That's right, Borders is attempting to liquidate all of their stores and close down, for good.
Is anyone else as saddened by this as I am? Borders has the BEST coupons! I love to use them to get the new releases at a great price.
I found a few useful questions and answers on the Chicago Sun-Times website. This is from the article "What You Need to Know About Borders Closing", and can be found HERE:
Q. When will sales start?
A. Liquidation sales start Friday and usually take eight to 10 weeks to complete. Stores close as soon as the inventory is sold, so they could close sooner if the merchandise sells quickly.
Q. When will the stores close?
A. The store sites are slated to be sold by the end of September. The first wave of property auctions will take place from the end of August until the beginning of September, followed by a second wave from mid-September until the end of September. Most Chicago stores will be part of the second wave, said Andy Graiser, co-president of DJM Realty, the Melville, N.Y. company in charge of finding bidders for and disposing of the stores.
Q. How good will the bargains be?
A. Opening discounts start at up to 40 percent on all merchandise. The prices at which the discounts are taken are the level that Borders charged prior to its bankruptcy filing. Roughly $700 million of inventory will be on sale.
As sad as I am to see them go, I will most definitely be hitting up those sales, and probably multiple times. The thing that I have to remind myself is not to go all super crazy, because 10-30% isn't a good deal when I can get a better discount online.
What About the other Booksellers?
I think what scares me is what a major bookseller closing could mean for other book sellers. As much as I love the fact that e-readers and online stores make reading and shopping for books easier, I am in LOVE with bookstores. I love to physically be able to pick up a book and flip through it before I buy it. I also use bookstores as the time for me to escape; It's my me-time.
I'm hoping that this doesn't happen to the other booksellers out there! If a major bookseller can go under, what does that say about the more indie book sellers? It seems to me that Powells (my favorite local store) always has customers in there, shopping, so hopefully they'll stay afloat!
So, is this affecting you at all?