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By The Associated Press — After 40 years of selling books, it looks like Borders is preparing for its final chapter. The chain on Thursday is expected to seek court approval to be sold to liquidators. If the judge approves the move, liquidation sales and store closings could start as soon as Friday.

THE DETAILS

Borders filed for bankruptcy protection in February after being hurt by competition from online booksellers and discounters. The chain had hoped to successfully emerge from bankruptcy protection by the fall as a smaller company. But pressure from creditors and lenders eventually led the company to put itself up for sale.

Borders' attempt to stay alive unraveled last week after a $215 million bid by a private-equity firm dissolved under objections from creditors and lenders. They argued the chain would be worth more if it liquidated immediately.

Now the chain's remaining 399 stores could be shuttered by September. Borders currently has 10,700 employees.

Those who have Borders' e-reader, the Kobo, will still be able use Kobo software to buy and read books. Kobo officials say users of Borders e-book accounts, which began transitioning to Kobo in June, will be able to access their e-books uninterrupted.

BACKGROUND

Tom and Louis Borders opened their first Borders store in 1971, selling used books in Ann Arbor. In 1973, the store moved to a larger location and shifted its focus to selling new books and expanding, helping pioneer the big-box bookstore concept along with Barnes & Noble Inc.

At its peak, in 2003, Borders operated 1,249 Borders and Waldenbooks.

By the time it filed for bankruptcy protection in February that had fallen to 642 stores and 19,500 employees. Since then, Borders has shuttered more stores and laid off thousands.

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review by . July 19, 2011
What goes around comes around I guess.
When the big-box book retailers Barnes & Nobles and Borders first appeared on the scene 25 or 30 years ago hundreds of beloved local booksellers around the country were forced out of business. It was painful for many of us to watch as one by one well-established, locally owned family businesses succumbed to the onslaught of the big guys.....just like in "You've Got Mail". Here in Rhode Island "College Hill Bookstore" near Brown University had been around forever …
Quick Tip by . July 22, 2011
Even though I no longer have a Borders close-by since my move to a small beach town in Delaware in 2008, I still am very saddened by the news of Borders' demise.  When I lived in Alexandria, VA (DC area), I had a huge Borders near my work and a smaller Waldenbooks (which was owned by Borders) near my home, and the same card could be used for both, which was very convenient.      Since I moved to a smaller town with very few of the major box stores, I buy my books (and …
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