Outdated Businessmodel - Borders
Borders San Francisco
As of January 30, 2010, the company operated 511 Borders superstores in the world, including 508 in the U.S. and three in Puerto Rico.
On February 16, 2011, Borders applied for Chapter 11 bankruptcy protection and began liquidating 226 of its stores in the United States. Despite an offer from the private-equity firm Najafi Companies, Borders was not able to find a buyer before its July 17 bidding deadline, and therefore began liquidating its remaining 399 retail outlets on July 22, with the last remaining stores closing their doors on Sunday, September 18, 2011. The Chapter 11 case is ultimately being converted to Chapter 7