Borders to Close Concord Store

The Borders bookstore chain, which includes a location in Concord, has decided to liquidate its assets and close all its remaining 399 stores, according to a press release issued on July 18. 

The store's assets will be purchased by Hilco Merchant Resources and Gordon Brothers, corporate liquidators, who will then sell all the items to pay creditors. A bankruptcy court is expected to approve of the plan on July 21. 

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards, in the press release. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now."

Edwards was the target of a firestorm back in March when it was revealed in bankruptcy paperwork that he would be receiving a $1.7 million bonus, part of an $8.3 million compensation plan for executives. The bonuses were proposed at the same time the chain was not paying authors, record companies, and book publishers for sold merchandise, while closing stores and laying off employees, in an effort to stay in business. 

According to the press release, the company employs more than 10,000 people. Along with Concord, Borders has stores in Keene, North Conway, Salem, and West Lebanon. If approved by the court, the liquidation process could start as soon as July 22 and end by September.