Dallas to Lose its Last Borders as Chain's Liquidation to Commence Friday
A few weeks ago, my old friend Paula Bosse posted to her Facebook page a collection of random photos taken over the years at the Preston Royal Borders, which, of course, is on its way to becoming a Central Market following February's Chapter 11 filing. I was reminded of this estimable cache -- featuring the likes of Norman Mailer, Mickey Mantle, Anne Rice, George Takei, Ronnie Dawson and Johnny Rotten (hmmm, a slide show?) -- this morning, when it was reported that that the chain's one step closer to liquidation after yesterday's deadline came and went without a single taker emerging before Tuesday's auction.
Which doesn't mean liquidation's a sure thing; as the Wall Street Journal notes this morning, "Borders is likely to entertain offers right up until the scheduled auction in the hopes a white knight will emerge to save the chain." But folks working at the lone Dallas location, in Old Town, are nervous; they haven't heard Word One from corporate and are fearing the worst while hoping for the best. Meanwhile, the WSJ has posted an interactive map featuring all the remaining Borders in danger of shuttering along with the square footage of each store, with Old Town coming in at more than 40,000, making it one of the biggest in the country.
Update at 5:58 p.m.: The auction has been canceled, and Borders is days away from officially being declared dead. From Reuters:
A liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.
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