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Books-A-Million and Borders are working fast to secure the deal so stock will still remain at the 30 to 35 stores Books-A-Million is trying to buy. Glenn said a last-minute offer from Books-a-Million may save 30 to 35 Borders stores and as many as 1,000 to 1,500 jobs.Borders was still planning to proceed Thursday in seeking court approval to liquidate, closing most of its 399 stores."This is a bittersweet day," said Judge Glenn. Under the deal, Books-A-Million would get inventory and merchandise at the stores and negotiate new leases with the landlords.When Borders filed for bankruptcy protection in February, the company has 642 stores.More than 250 were closed in recent months before the liquidation ruling.At one Borders store in Rockford, Illinois, several people waited in line Friday morning for the store to open so they could get first pick of discounted merchandise, but the line numbered only 16.The discount hopefuls waited in a light rain for doors to open at 9 a.m.Signs adorned the store at opening reading "everything up to 40 percent off" and "store closing."At a Borders store in California a crowd waiting outside in El Segundo for the sale to begin Friday, but some shoppers were disappointed with what they found -- discounts of up to 40 percent off.They expected more."The discounts aren't as much as I thought they were going to be," said Chris Terins, 37, of El Segundo, in an interview with the Los Angeles Times.
The majority of the company's 10,700 employees will lose jobs as a result. Bankruptcy Court late Thursday, spelling the end for the Ann Arbor, Michigan-based Borders chain.Borders' closing will leave Barnes and Noble as the only national bookstore chain with more than 300 stores.Barnes and Noble has 705 retail bookstores in the country, and more than 600 college and university textbook stores.Borders began negotiating with Books-a-Million last week, in the effort to keep some stores open, but a deal wasn't reached. 11-10614 in the United States Bankruptcy Court for the Southern District of New York.
Based in Ann Arbor, Mich., Borders filed for bankruptcy in February.