Borders bookstore in Germantown has escaped several rounds of store closures, after parent company Borders Inc. filed for Chapter 11 bankruptcy in February.
But yesterday, the bookstore giant announced that it had canceled an upcoming bankruptcy auction and will close all remaining 400 stores. An employee at the Germantown Borders confirmed that the local store would be closing, but there's no word yet on when that closure will happen.
In a statement on Monday, Michigan-based Borders Inc. said the company was unable to find a buyer willing to keep it in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.
Just last month, Borders closed 226 under-performing locations, including two stores in Nashville. But the Germantown store was allowed to remain open at that time. Now that the company is forced to close all of its locations, nearly 11,000 jobs will be lost.