Borders Closing Sale Begins Today

If you want a deal on books, you might want to head over to the closest today.

Closing sales for all of the company's 399 stores began this morning after a federal bankruptcy court officially approved the Ann Arbor-based bookstore's plans to liquidate Thursday.

after attempts to find a bidder since declaring bankruptcy in mid-February failed. Borders has 26 stores in Michigan, including the Birmingham location, one in nearby Beverly Hills and one in Troy.

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.

Liquidators estimate that the stores have $700 million worth in inventory.