So the company is offering up almost all of its assets at a court supervised auction on May 16.
Contrary to many media reports this weekend, The Sports Authority has not yet said whether it will shutter its entire fleet of stores.
“We were all working hard towards a different outcome, 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." The nation's second-largest bookseller, which employs about 10,700 employees, said it will begin liquidating stores as early as Friday.
This deployment includes liquidation (with the exception of the previously deployed electronic posting of the Notices of Liquidation on CBP.gov), reconciliation, drawback, duty deferral, collections and the Automated Surety Interface (ASI).
This Borders store in Washington closed shortly after the company filed for bankruptcy protection earlier this year.
The company's remaining 399 outlets will be closed after the chain failed to find a buyer willing to continue operations.
Borders, unable to find a buyer willing to get it out of bankruptcy, plans to close its remaining 399 stores and go out of business by the end of September.
“Following the best efforts of all parties, we are saddened by this development,” Borders Group President Mike Edwards said in a written statement late Monday.
The former headquarters of Borders was located in Ann Arbor, MI. About Oak Point Partners Oak Point Partners is a private investment firm specializing in the purchase of remnant assets.