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Business News Retail
Borders US to close
By CMU Editorial | Published on Tuesday 19 July 2011
Books and music seller Borders is planning on shutting down its 399 North American shops, having failed to find a bidder for the retail company. The Borders Group applied to the New York bankruptcy courts last week for permission to begin a liquidation of the firm’s assets, which will likely result in closing down sales in all of the company’s stores from this weekend.
Borders US is the latest victim of the declining entertainment retail sector, as high street sellers with sizable overheads struggle to compete with online mail-order and digital content stores. Of course Borders UK, which span off from its American parent company in 2007, bit the dust in 2009.
