Borders bookstore to close after failure to find buyer

Borders will be closing the book on its stores in Columbus Circle and PennPlaza -- as well as nearly 400 other outlets nationwide -- resulting in a loss of about 11,000 jobs, the company announced Monday.

The second-largest U.S. bookstore chain, which has been plagued by bankruptcy woes, has failed to find a buyer and will sell itself to a group of liquidators.

Borders stores -- including five in the city -- reportedly will begin closing Friday. The liquidation is expected to be completed by September.

“The headwinds we have been facing for quite some time ... have brought us to where we are now,” Borders president Mike Edwards said.

(with Reuters)