Question of the Day: What Do You Think About Borders Closing All Its Stores

On Monday, Borders Group, the company behind the Borders Books and Music stores, announced it will seek court approval to sell store assets and administer a liquidation process. 

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards in a press release. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now."

According to the release, subject to the Court's approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.

Borders currently operates 399 stores and employs approximately 10,700 employees. The closing of the stores will mean the employees will be out of work in a difficult economy. There will also be fewer options for customers. 

Winchester has its own  bookstore -  What do you think of the closing of Borders? Did it have it coming? Is this good for the local stores?

Let us know your thoughts in the Comments section below.