National bookstore chain Borders announced late Monday that it will shut down its operation in the face of bankruptcy, after an 11th-hour deal to save the company fell through. The 40-year-old chain, which began as a used-book store in Michigan, filed for Chapter 11 bankruptcy protection on Feb. 16.
The company had hoped to remain afloat after Najafi Companies, an Arizona equity company, attempted to negotiate a bid to buy the chain. However, the deal fell apart over the weekend. Now Borders will close all of its 399 remaining stores, cutting over 10,000 employees, and will be liquidated.
How do you feel about the end of the chain? Will you miss the Riverhead location or are you glad to see it go?