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Monday, 15 August, 2011 2:10 AM

Shoppers upset about the closing of the Borders Books flagship store

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

An "Available for Lease" sign has already been posted on Borders Books Store No. 1 at 613 E. Liberty Street in Ann Arbor, Mich.

by Jason Rzucidlo

americajr@americajr.com

WATCH: Interviews with shoppers outside the Borders flagship store in Ann Arbor, MI during Going-Out-of-Business Sale

ANN ARBOR, Mich. -- Ann Arbor has always been synonomous with Borders Books. But that will soon come to an end. The final chapter of the bookstore chain's story is being written. Brothers Tom and Louis Borders founded the company during their years at the University of Michigan in 1971. The flagship store, along with all of the other remaining stores, are closing due to the company's Chapter 7 bankruptcy. For many, this is not just the closing of a bookstore. It will change their livelihood forever.

The creation of e-readers, stiff online competition and the struggling economy are blamed for the demise of the bookstore chain. In February, the company filed for Chapter 11 bankruptcy protection and tried closing 226 of its underperforming stores. However, that didn't help. It needed to find a buyer by July 17 to purchase the remaining stores. The Gores Group and Najafi Companies indicated they would buy half of the remaining stores.

"I was just told that it will be the first time in 100 years of Ann Arbor that there won't be a bookstore downtown," said shopper Elizabeth Marshall from Ann Arbor, Mich. "I'm a former book dealer. I lost my job in the book business, too. I'm sad for those who are losing their jobs. But I'm also sad for the whole city not to have this amazing resource. I love the tactical feeling of books, instead of a Kindle. Even though you can put 500 books on a Kindle, it's not the same as holding something in your hand. I'll go to the mall or go to Amazon like most people. I'll buy them used online, but it's not the same as browsing."

On July 1, Borders announced that Direct Brands would acquire the assets for $215 million and the assumption of $220 million in debt. A group of creditors rejected the takeover bid. Books-A-Million said it would acquire 30-35 stores and their assets on July 19, but the two sides were unable to come to an agreement. The bid deadline essentially came and passed without a bidder. A bankruptcy judge approved the petition to liquidate the company.

"I'm quite disappointed and discouraged that our industry of books is going down," said customer Julie Wyse from Ypsilanti, Mich. "Technology has been taking over. It's sad to see any type of business fall under. There's Barnes & Noble, there's Amazon.com, they're popular. I generally shop at Borders over the holidays or at birthdays. I'd like to see anything with Michigan Football in this space. Go Blue! In reality, it's such a big store. That's a great question. Ann Arbor can benefit from a lot of great businesses."

Discounts are currently being offered at 30 to 50 percent off. The deals will get even better over the coming weeks. Store fixtures are also being sold. All of the 399 surviving Borders stores nationwide will be closed for good when the inventory is gone or by the end of September, whichever comes first. The store's Chapter 7 bankruptcy will be converted to a Chapter 7 bankruptcy. All 10,700 of the remaining employees will lose their jobs.

"I really like the bookstore Borders," said shopper William Turner IV from Nashville, Tenn. "I like any bookstore, honestly. I do like to read and buy, I buy plenty of books. Being in Nashville, the store went out of business a month or two ago. I was sad because I've been hearing they were talking about going out of business. But I didn't realize I showed up the last day the store was going out of business. I missed out on everything because I wanted some science books. I've shopped at Borders at least once a month on the low end. I guess I'll just have to go to Books-A-Million or order them online. Borders, you will be remembered."

Store No. 1 was an important part of the community because it held hundreds of book signings and special live music events with Ann Arbor's 107one. Amos Lee, Natalie Merchant, The Avett Brothers and the Indigo Girls were among some of the artists who participated in the Studio A2 program. In addition, the building is situated right in the middle of the University of Michigan central campus. It was also a popular hangout for students in between classes or after school.

"I worked at Borders at their corporate office for a couple of years," said customer Susan Redmond from Canton, Mich. "I'm devastated that they're closing. It was an Ann Arbor institution. It's been there since I was little. I hate to see it go. I really do. I'd like to see an investment company take them over, whether its Barnes & Noble. I just wish that somebody would come in and pick them up. I get books from Borders. We have a Borders in Canton and that's where I go now. I'll go on Amazon or Barnes & Noble, I just don't have one close to me. It's sad, very sad to me."

Landmark Commercial Real Estate has already placed an "Available for Lease" sign on the flagship store at 613 E. Liberty St. The 42,230-square-foot building is being offered at $18-$35 per square foot. The three-floor building features 18,683 square feet of space on the first level, 18,236 square feet on the second level and 6,311 square feet in the basement. The building is available for lease in the fall with a 2012 grand opening. Click here to visit the property listing on their website.

"The former Borders represents an extraordinary opportunity for 'box' retailers, entertainment venues, restaurants, fitness centers, etc.," the property listing states. "This landmark location is at the southeast corner of Liberty Street and Maynard Street in the heart of University of Michigan and Ann Arbor’s prestigious State & Liberty retail district serving all of downtown Ann Arbor and University of Michigan’s 41,000+ student body."

The very first Borders bookstore was located at 209 S. State Street. That space is currently being occupied by a CVS/pharmacy. It is on the opposite side of State Street from the current flagship store, which used to be a Jacobson's department store. Borders is a relatively young company, it only lasted 40 years in business from 1971 to 2011. There should have been many more chapters to the story of this bookstore chain.

To find the list of stores closing in your area, visit the Borders store locator at www.borders.com.

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A "Going Out Of Business" banner is attached to the side of the building.

The very first Borders Bookstore was located on the opposite side of State Street where a CVS/pharmacy now stands.

All of the Borders stores will be closed permanently by the end of September.

The current flagship store took over the space of what used to be a former Jacobson's department store.

Discounts are currently being offered at 30 to 50 percent off. However, they are expected to get even greater

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