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Eatontown Borders to Close by End of September

The 40-year-old book chain will liquidate its 399 stores after being unable to find a buyer.

The will close its doors by the end of September after a bid to keep the 40-year-old chain in operation fell through last week, according to the Associated Press.

Borders Group, headquartered in Ann Arbor, MI,  is seeking to liquidate its 399 stores, which could begin as early as Friday. The Eatontown location at Monmouth Plaza, at the corner of Route 35 North and Wyckoff Road, opened in March 2002.

In a statement, Borders President Mike Edwards said the changing book industry and the economy hastened the chain's demise.

"We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now," said Edwards.

A $215 million bid by private-equity firm Najafi Cos. fell apart late last week and Borders Group had hoped that another investor would come through. Creditors and lenders determined that it would be more cost effective to to begin liquidation immediately, according to the AP.

The chain has 10,700 employees, according to a release, and filed for Chapter 11 protection in February.

Borders' closed in February after the chain filed for bankruptcy.

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