Borders Closing Sale Begins Today
A federal bankruptcy court approved the Ann Arbor-based bookstore chain's plans to liquidate.
If you want a deal on books, you might want to head over to the Birmingham Borders today.
Closing sales for the company's 399 stores begin Friday after a federal bankruptcy court officially approved the Ann Arbor-based bookstore's plans to liquidate Thursday.
Borders made the decision to liquidate Monday after trying to find a bidder for the struggling bookstore chain since declaring bankruptcy in mid-February. Borders has 26 stores in Michigan, including the Birmingham location and one in nearby Beverly Hills.
The store will be sold to a team of liquidators led by Hilco Merchant Resources and Gordon Brothers Retail Partners.
"This marks the end of an era and we thank our customers for their patronage over our 40-year history," Borders Group President Mike Edwards said in a statement Thursday.
"I encourage our customers to take advantage of this one-time opportunity to find exceptional discounts on their favorite books and other great merchandise. The commitment to our customers will remain a top priority throughout the going-out-of-business sale."
Price cuts should start as high as 40 percent off, though discounts are expected to vary.
Borders gift cards will be accepted in retail stores and online during the closing sales. Borders Rewards Plus Loyalty Program discount will also be honored in stores and online for the first 14 days of the closing sales however the company will only honor "Borders Bucks" through July 31.
Items purchased prior to the closing sales may be returned with an original store register receipt. Those returns are subject to the store's return and price-adjustment policy in effect on the purchase date.
During the closing sales, all items are being offered "as is" and all sales are final.
According to AnnArbor.com, Borders will be closing 259 superstores, 114 Borders Express and Waldenbooks stores and 26 airport stores. Liquidators estimate that the stores have $700 million worth in inventory.