It’s official….as everyone expected, Borders, the book chain that spearheaded the rise of graphic novels in the good years, has failed to find a buyer and will be liquidated, perhaps as soon as this Friday.
Borders, which employs about 10,700 people, scrapped a bankruptcy-court auction scheduled for Tuesday amid the dearth of bids. The U.S.’s second-largest bookstore chain said it would ask a judge Thursday to approve a sale to liquidators led by Hilco Merchant Resources and Gordon Brothers Group.
Borders’s liquidation of its remaining 399 stores could start as soon as Friday and the bookstore chain is expected to go out of business for good by the end of September, the company said.
On that note, please join us at Comic-Con for our Sunday panel:
1:00-2:00 PW: What Comes After the Graphic Novel?— With Borders’s bankruptcy shaking the publishing world and the health of brick-and-mortar stores everywhere being watched anxiously, the world of comics publishing is entering a new world of tablets, websites and, yes, good old comics shops. Join PW Comics World co-editor Heidi MacDonald in a discussion with publishing professionals as they take a look at what’s next on the horizon. Participants include Judy Hansen, Hansen Literary Agency; Portlyn Freeman, co-owner, Brave New World Comics; Jeff Webber, eBooks director, IDW; and Terry Nantier, NBM publisher. Room 25ABC
We’ll discuss what this means and the future of bookselling. Listen, it’s not all bad.