Borders to liquidate, killing 10,000 jobs

Bookseller Borders Group to liquidate, eliminating over 10,000 jobs
By Shannon Jones
20 July 2011

In the latest sign of a worsening jobs crisis, Borders Group and Cisco Systems announced huge new job cuts this week. Borders, the second largest book-selling chain in the United States, said Monday that it has abandoned attempts to find a buyer and plans to liquidate its remaining 399 stores beginning Friday, at a cost of 10,700 jobs.

Michigan-based Borders filed for bankruptcy in February and closed about one-third of its 650 stores. Since that time it has continued to lose money and has had difficulty convincing publishers to ship books on normal terms, with many insisting on immediate payment.

Borders had hoped to sell its assets to the Arizona buyout firm Najafi Companies, owner of the Book-of-the-Month-Club. However, Borders creditors objected to the terms of the sale. Borders had set a Sunday deadline to find a new buyer. The company will present its plan for liquidation to a bankruptcy judge on Thursday.

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1 thought on “Borders to liquidate, killing 10,000 jobs”

  1. This is weird. I thought the title was referring to domestic borders. But those have already “liquidated,” & with them any real hope of maintaining, much less improving, worker conditions, wages, safety, environmental & consumer protections, etc.

    The problem with the left is that it long ago abandoned real economic issues, i.e. class, & substituted the phantom “race, ” the greatest ad hominem deflection available. So the global oligarchy has & has some more, as usual. Poor whites are demonized as rednecks, Appalachia is domestically colonized & summarily destroyed by Big Coal (while Limo Libs glibly stand by till the 11th hour when a few finally throw the hillbillies some crumbs, too late), African-Americans are thrown aside for “undocumented workers,” the middle class disappears & instead of raising the third world, the U.S. sinks.
    And of course, anyone who supported Hillary for Prez last time was a racist, too. Can’t wait for the next cycle!

    Of course, the trouble with the right is that they never did give a damn about the poor, disabled, minorities, or just plain unfortunate.
    And then there’s the internet, first wanted for deftly destroying the music biz, last seen burning books.

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