I expect more and more of this as the internet has made brick and mortar stores obsolete.
http://finance.yahoo.com/news/...-1678947798.html?x=0
Borders Calls Off Auction, Plans to Liquidate
nytimes
MICHAEL J. DE LA MERCED and JULIE BOSMAN, On Monday July 18, 2011, 4:57 pm EDT
The Borders Group, the bankrupt 40-year-old bookseller, said on Monday that it will move to liquidate after no last-minute savior emerged for the company.
Borders said in a press release that it will proceed with a proposal by Hilco and the Gordon Brothers Group. That liquidation plan will be presented to the federal judge overseeing the company's bankruptcy case on Thursday.
What is left to unwind are Borders' 399 stores, about two-thirds of the locations it operated when it filed for bankruptcy in February. It currently has 10,700 employees.
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Independent shops have closed in droves as book sales have moved online, especially to Amazon. Barnes & Noble put itself up for sale last year and has focused on expanding its digital footprint as sales of print books have sputtered.
Publishers said with Borders gone, they would plan for smaller print runs and shipments. Employees at major publishing houses worried that layoffs could be imminent, as many companies have dedicated staff members that work only with Borders.
The closing could have a particular impact in paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could boost them to best-seller status.