Business & Tech
Borders in Vacaville Plans to Liquidate, Close All Stores Nationwide
About 10,700 people will lose their jobs as nearly 400 stores close.
has announced its plans to liquidate, meaning the chain will likely shut down all of the nearly 400 stores that remain starting as soon as Friday.
That means that the 10,700 people who currently work for the national chain will lose their jobs, including those who work at the Vacaville location.
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Some stores will begin the liquidation process as early as this week, with the rollout finished by the end of September. The timetable for the Vacaville's store is between a month and six weeks, a store emloyee said.
They plan to liquidate under Chapter 11 of the bankruptcy code, meaning they will be able to pay vendors for all expenses during the bankruptcy cases.
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Borders is based in Ann Arbor, Michigan, home of the University of Michigan. Check out this release from Borders Group for more information.
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