End Of An Era of the Day: After 40 years in business, Borders announced today that it will be closing all remaining stores and laying off 11,000 employees.
“We were all working hard towards a different outcome,” Borders Group President Mike Edwards said in a statement, “but the headwinds we have been facing for quite some time, including the rapidly changing book industry, e-reader revolution, and turbulent economy, have brought us to where we are now.”
Borders had hoped to be saved from shuttering by a last minute bid, but the deal fell apart with no one else stepping up to buy the troubled book and music retailer.
[annarbor / wsj / photo: michelelee.]
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