The Borders bookstore chain has announced its liquidation plans, after a final effort to save the chain was rejected by creditors last week. 399 stores will be sold, with more than 10,000 people losing their jobs.
Borders once had five stores in the region, with outlets in Goleta, Santa Barbara, Oxnard, Thousand Oaks, and Simi Valley, but only the Simi Valley store is still in operation. It’s now expected to shut down in September, as the assets of the company’s remaining stores in the chain are sold.
The stores are selling everything from books, and DVD’s to furnishings for up to 40% off starting today (7/22). Industry observers say poor management, high debt, the rise of online booksellers, and the growing popularity of e-books all led to Borders collapse.