Report: Borders Books Liquidation Appears Imminent

is likely to be liquidated later this week, resulting in the closing of the Mount Kisco store, along with its remaining locations, The Wall Street Journal has reported.

The book store, which filed for Chapter 11 bankruptcy in February, failed to get a buyer to save it, and will present a liquidation takeover offer from companies Hilco Merchant Resources and Gordon Brothers, the paper reported, which would be on Thursday unless a last-minute buyer emerges. In that case, according to the WSJ, there would then be an auction for its assets.

In a press statement, posted by the Journal, Borders announced that it expects to start the liquidation process at the end of this week, with a phased shut down into late September.

In response, several of Borders' creditors have made objections to the proposed liquidation, Bloomberg reported Monday afternoon, with one argument being that there would not be anyone to take over its business contracts.

If the Mount Kisco store is closed, it will leave the community without a store for new books.

Borders would become the most recent of several former book stores in the village to go to a retail grave.

In 1995, the established independent Fox & Sutherland shuttered, but was soon replaced by another independent store, Mount Kisco Book Company, according to The New York Times. Just months after opening, on Nov. 25, 1996, that store was the victim of a major fire that disrupted stores on its block, The Times reported, but was able to get back on its feet and reopen at the former Fox & Sutherland site, on South Moger Avenue with charitable local support.

Mount Kisco Book Company, which reportedly struggled during its existence, pulled the plug in 2000, with multiple media outlets at the time, ironically, reporting the emergence of Borders—reported as having opened in 1997—being a contributing factor.

The loss of Borders will also serve as a blow to residents in New Castle and Bedford, many of whom have it as their closest book store. Just two years ago, New Castle residents lost Second Story Book Shop, which was located in downtown Chappaqua. That store, The Times reported, was a major fixture locally, even bringing in former President Bill Clinton for a signing of his book when it was released in 2004.