Borders’ Endgame

Looks like the company is swirling the drain … it’s been close to six months since I left the company, it doesn’t seem nearly that long ago.

Borders filed for bankruptcy protection in February, and has been beating the bushes looking for a white knight. But today Borders said it received no formal proposals to buy the company out of bankruptcy protection.

That means Borders will ask a judge to approve a sale of the company to firms that specialize in taking apart companies and selling them for scrap.

Borders said going-out-of-business sales at its remaining 400 stores may start as soon as Friday. The wind down of Borders should be done by the end of September, Borders said. The company has nearly 11,000 employees.

If you pray, do so for those booksellers — about 11,000 — who are facing the loss of their jobs (if you don’t pray, cross your fingers or just keep those people in your thoughts). And why are they losing their jobs? Oh, right: because a bunch of executives thought the bookstore chain they were hired to run was a grocery store. Or a tobacco company. Or whatever. And those guys, already not worrying too much about day-to-day finances, are probably going to make out pretty damn well.