Closing date, liquidation sale to be determined
Brentwood Home Page staff reports
Borders Group announced Monday it is filing for Chapter 11 bankruptcy and will close its remaining stores, which includes the book store and cafe in Brentwood. The Cool Springs location closed earlier this year during a reorganization designed to keep the company going.

Management at the Brentwood store deferred all comment to Borders’ corporate office in Ann Arbor, Mich.  Employees were reportedly surprised by the announcement and are waiting for additional information  about when a liquidation sale might begin and when the store will close.

Located in the Brentwood Place shopping center, the store has been a popular gathering spot for over a decade, often providing a venue for local authors to sell their books.

A court hearing is scheduled for Thursday to formalize the liquidation agreement. Borders plans to sell the business’ assets to Hilco and Gordon Brothers which will administer the liquidation process.

"Following the best efforts of all parties, we are saddened by this development," Borders Group President Mike Edwards said in a statement released late Monday.

"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," he added.

"For decades, Borders stores have been destinations within our communities, places where people have sought knowledge, entertainment, and enlightenment and connected with others who share their passion. Everyone at Borders has helped millions of people discover new books, music, and movies, and we all take pride in the role Borders has played in our customers' lives," Edwards continued, "I extend a heartfelt thanks to all of our dedicated employees and our loyal customers."

Borders currently operates 399 stores and employs approximately 10,700 employees. Subject to the Court's approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as this Friday, with a phased rollout of the program expected to conclude by the end of September. Borders intends to liquidate under Chapter 11 of the Bankruptcy Code and, as a result, Borders expects to be able to pay vendors in the ordinary course for all expenses incurred during the bankruptcy cases.