Borders Stores Begin Liquidation Sale
LAKEWOOD, Colo. (CBS4)- Borders Book Stores will soon be gone and the liquidation sales are under way in Colorado and across the country.
Borders filed for bankruptcy in February. Six of the stores in Colorado closed, but kept the eight remaining stores open. Borders failed to find a buyer, and on Thursday received court approval to shut down.
More than 180 workers across Colorado will lose their jobs. In all, 10,000 Borders employees will be out of work.
One former employee said what happened wasn't surprising because the franchise was slow to embrace electronics.
"With Borders it was just a downward spiral. I saw the train wreck coming years ago," said former Borders employee Joe Gable.
He and others blame the book store's demise on too much expansion, a strict focus on the bottom line and a foot-dragging approach to the digital age.
Barnes and Noble came out with the Nook, an e-reader, Amazon has the Kindle, but Borders was slow to release the Kobo.
For every hard cover sold at Barnes and Noble, three digital versions are sold.
Everything is on sale at Borders, including books, DVDs, even the furniture, with discounts up to 40 percent. The stores will close for good in September.
