Liquidating distressed inventory

The newly formed company was initially called Borders-Walden Group and, by the end of the same year, renamed simply Borders Group.) in Wheelock Place, Orchard Road, which was then the largest bookstore there.It subsequently opened another 41 stores in the United Kingdom, Ireland, Australia, and New Zealand, and bought 35 Books etc. It is located in Berjaya Times Square, which is the world's biggest mall built in a single phase, with 7,500,000 square feet (700,000 m²).The company also operated 175 stores in the Waldenbooks Specialty Retail segment, including Waldenbooks, Borders Express, Borders airport stores, and Borders Outlet stores.By the end of December 2010, Borders employed more than an estimated 1150 across the UK stores which went into administration before the end of 2010. Borders Group formerly operated stores in Australia, New Zealand, and Singapore.In February 2011, Borders applied for Chapter 11 bankruptcy protection and began liquidating 226 of its stores in the United States.Despite a purchase offer from the private-equity firm Najafi Companies, Borders was not able to find a buyer acceptable to its creditors before its July bidding deadline, so began liquidating its remaining 399 retail outlets, with the last remaining stores closing their doors in September.However, these were sold off to Pacific Equity Partners (which owned rival Angus & Robertson) in 2008, then were later sold again to REDgroup Retail.The stores continued to operate under the Borders brand as the unaffiliated "Borders Asia Pacific" until Red Group was placed into voluntary administration in February 2011; with the five New Zealand stores sold to the James Pascoe Group, and the Australian stores gradually shut down, with the last group to close by July 2011.

In its final year, the company employed about 19,500 people throughout the U.

The chain's flagship store was in downtown Ann Arbor, at the corner of Liberty and State Streets, in the building once occupied by the defunct Jacobson's Department Store.

Although not the original location, it was identified as "Borders #1" because it was the flagship store.

Kmart had struggled with the book division, having first tinkered with the assortment and later with discounting.

In the Borders acquisition, Kmart merged the two companies in hopes that the experienced Borders senior management could bail out floundering Waldenbooks.

Leave a Reply