It seemed to be a routine Thursday afternoon at the Borders store at the intersection of Lee Highway and Fairfax Boulevard in the heart of Fairfax City. Customers browsed for books, magazines and CDs, seemingly unaware that the same would be significantly reduced on Friday.
Borders, prompted by a Chapter 11 bankruptcy filing, plans to start their liquidation sale on Friday. The Fairfax location will shut down completely in September.
"I will have to buy my books online now," said local customer Tabatha Lovelace. "There's only one other book store in this area, but it's not that convenient for me. Electronic books are great, but to me there's nothing like a paperback."
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“I didn’t know they were shutting down,” said Dorothy, a Fairfax resident who was glancing at biographies. “I guess we will have to get our books from Barnes and Noble now, this place has been here forever.”
Borders Group Inc. filed for Chapter 11 bankruptcy in February, but promised to keep their stores open for business, according to USA Today reports. The U.S. Bankruptcy Court allowed them to conduct a “stalking horse” bid for a potential buyer. At the time their website stated, “The Company anticipates completing the sale process by late July.”
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That bid almost happened, when a private-equity firm called Najafi Cos made a bid for $215 million, but their offer was shot down by creditors and lenders who claim the chain would be worth more if liquidated immediately.
The closing of the national chain indicates a shift in the marketplace for authors and publishing companies who once valued Borders and other similar stores as their main source of income. Now they will likely rely on the new “e-book” craze and the internet to market their literature.
"Technology will come and go but people have been writing for centuries," Lovelace added. "I think fewer people are buying books because of the recession. Why spend 30 or 40 bucks a month on books when you can just go to the library. It's unfortunate to see this store go, it's been here forever it seems like."
Seattle’s Best Coffee, the coffee shop inside of the Fairfax Borders, officially shut down on Thursday. The barista preparing coffee cakes and lattes was asked repeatedly by customers when they would be shutting their doors.
Clerks and managers refused to comment on the shutdown, referring Patch to their corporate media contact person.
Click here for more information on the closing.
