Borders liquidation : All posts

Borders CEO Mike Edwards exits as liquidation continues

Borders CEO Mike Edwards was dismissed effective July 29.

Melanie Maxwell | AnnArbor.com

The Ann Arbor-based bookstore chain said in the SEC filing that it had "terminated" Edwards, who was president of Borders Group Inc. and CEO of the bookstore subsidiary called Borders Inc., and chief financial officer Scott Henry. The circumstances of their departures were not immediately clear.

OUR VALUES

COLUMN: When did you get old? Huck Finn 'got' it! Borders didn't.

What is the difference between Huck Finn and Borders? Adaptability.

Editor’s Note: This post is part of a series from Our Values about core American Values. Dr. Wayne Baker is away this week and has invited Our Values guest columnist Terry Gallagher to discuss this week’s theme: When did you get old? Terry is a communications director for a nonprofit environmental organization in Ann Arbor.

We’ve been asking the question this week, “When did you get old?” Meaning when did you decide that it was too hard to change, to adapt to new conditions, to make the compromises needed to go forward?

It’s an issue not only for individuals but for all kinds of businesses and organizations, and for countries and states as well. The bankruptcy and liquidation of Borders is one example, and the budget staredowns in Washington and state capitals across the country are others. Some people would rather face death than change.

Early discounts disappoint: Borders liquidation sale draws crowd to Lohr Road superstore

Customers streamed into the Borders on Lohr Road on Friday morning for the beginning of liquidation sales.

Lizzy Alfs | AnnArbor.com

(Related story: Liquidation starts: Borders store in downtown Ann Arbor enters its final days.)

Liquidation sales drew a crowd to the Borders superstore in Pittsfield Township this morning, but the discounts weren't as steep as some customers anticipated.

Liquidation starts: Borders store in downtown Ann Arbor enters its final days

Flint resident Michael Melet, left, reads to his granddaughter, 3-year-old Ann Arbor resident Gillian Daly, in front of the downtown Ann Arbor Borders store on the first day of its liquidation sale Friday morning.

Angela J. Cesere | AnnArbor.com

Gillian, 3, of Ann Arbor, swung her legs and listened — selectively — as her grandfather read an educational kids book about the human body.

Somebody, someday, will have to tell Gillian about this moment. She likely won’t remember it.

She probably won’t remember Borders, either.

Borders' liquidation plan approved: Sales start Friday at flagship store in downtown Ann Arbor, Pittsfield store

A display in the lobby of Borders Group Inc.'s corporate headquarters in Ann Arbor greets nearly 400 workers who will be laid off when the company liquidates.

Melanie Maxwell | AnnArbor.com

Sales will start Friday at all of the company's 399 remaining stores, including the flagship store on Liberty Street in downtown Ann Arbor and the superstore on Lohr Road in Pittsfield Township.

Books-A-Million named as possible buyer of up to 35 Borders store leases

(UPDATE 5 p.m.: Books-A-Million confirmed that it has made an offer for 30 leases.)

Alabama-based bookstore chain Books-A-Million has offered to buy up to 35 leases from Ann Arbor-based Borders Group Inc., but the company's Washtenaw County stores are not believed to be on the list of stores that would be rescued.

Analysis: Borders' liquidation, Pfizer's exodus add up for Ann Arbor: 5,000 jobs gone

A display in the lobby of Borders Group Inc.'s corporate headquarters in Ann Arbor greets nearly 400 workers who still work there.

Melanie Maxwell | AnnArbor.com

Nearly 5,000 local jobs at the two companies — about 3,000 jobs at the height of Pfizer's Ann Arbor operation in the early 2000s and nearly 2,000 jobs at the height of Borders' Ann Arbor headquarters and three local superstores — are now history.

Wall Street Journal: Despite Borders' liquidation, University of Michigan 'continues to insulate' Ann Arbor

The impact of Borders Group Inc.'s liquidation on the Ann Arbor economy is significant but hardly deadly.

Wall Street Journal: Despite Borders' liquidation, University of Michigan 'continues to insulate' Ann Arbor

The impact of Borders Group Inc.'s liquidation on the Ann Arbor economy is significant but hardly deadly.

Expected closure of Borders superstore in Pittsfield Township leaves shopping center with vacancy

The ongoing construction of a new Dick’s Sporting Goods store at the Waters Place Shopping Center in Pittsfield Township meant that the retail center on Lohr Road was briefly fully leased. But the shopping center’s full occupancy was short lived.

Disappearing act: Borders brothers nowhere to be found

The Borders of today is a far cry from the 800-square-foot book shop founded on South State Street in Ann Arbor in 1971 by brothers Tom and Louis Borders.

Examining why Borders collapsed

Column: Borders' expansion hastened its implosion

Borders stores — such as the concept store the company opened on Lohr Road in Pittsfield Township in 2008 — averaged about 25,000 square feet.

File photo | AnnArbor.com

You can plausibly fault the company’s executives, its competitors, the Internet, electronic books or even our culture itself.

But the biggest single reason for Borders’ fall was its rise. Its rapid expansion.

Ann Arbor businesses left wondering about impact of Borders liquidation

Monday's announcement that Borders’ will liquidate wasn’t a shock to those who have watched its struggles, but some local businesses now wonder how the closing of one of Ann Arbor’s largest employers will affect them.

Nicola Rooney, owner of Nicola’s Books, 2513 Jackson Road, said Borders’ demise won’t end up hurting Ann Arbor residents who are looking to buy books from a brick-and-mortar bookstore. She said she expected her store to see some uptick in sales now that Borders will be gone, but believes it’s unreasonable to expect a massive swing in sales.

Ann Arbor businesses left wondering about impact of Borders liquidation

Monday's announcement that Borders’ will liquidate wasn’t a shock to those who have watched its struggles, but some local businesses now wonder how the closing of one of Ann Arbor’s largest employers will affect them.

Nicola Rooney, owner of Nicola’s Books, 2513 Jackson Road, said Borders’ demise won’t end up hurting Ann Arbor residents who are looking to buy books from a brick-and-mortar bookstore. She said she expected her store to see some uptick in sales now that Borders will be gone, but believes it’s unreasonable to expect a massive swing in sales.

News, reaction and what's next for Ann Arbor-based chain

full coverage: Full coverage of Borders' liquidation announcement

Borders plans to ask the court to officially approve the chain's liquidation.

Full coverage on AnnArbor.com:

Share your memories of Borders' 40-year heritage in Ann Arbor

For years, Borders was a uniquely Ann Arbor company.

Read Borders CEO Mike Edwards' letter to employees announcing liquidation

Borders President Mike Edwards , CEO of the company's bookstore unit, wrote this letter to employees today, announcing the company's plans to liquidate starting as soon as Friday:

media watch: What other news sites are reporting on the Borders liquidation

The impact of the Borders liquidation is a national story, reaching far beyond Ann Arbor and the repercussions that will be felt locally. Here's a sampling of what state and national media are reporting:

Residents express disappointment and sense of inevitability at closing of flagship Borders store

Ann Arbor residents Victoria Charow and Jason Andrews browse outside the downtown Borders store Monday afternoon.

Lizzy Alfs | AnnArbor.com

Downtown store closure also means a loss of arts and music venue

Patti Smith at the downtown Borders store last year.

Melanie Maxwell | AnnArbor.com

As the store closes as part of the company's liquidation, obviously it means one fewer place to buy books and music downtown. But beyond that, Borders has long been an important host of arts and entertainment events — author appearances and readings, of course, but also concerts, story times for young people and other popular draws.