Borders liquidating

The stores continued to operate under the Borders brand as the unaffiliated "Borders Asia Pacific" until Red Group was placed into voluntary administration in February 2011; with the five New Zealand stores sold to the James Pascoe Group and the Australian stores gradually shut down, with the last group closing in July 2011.Wahr's had been mainly a textbook and school-supplies vendor, but the brothers did not deal in textbooks.Despite a purchase offer from the private equity firm Najafi Companies, Borders was not able to find a buyer acceptable to its creditors before its July bidding deadline, so it began liquidating its remaining 399 retail outlets, with the last remaining stores closing their doors in September.Rival bookseller Barnes & Noble acquired Borders' trademarks and customer list.

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In February 2011, Borders applied for Chapter 11 bankruptcy protection and began liquidating 226 of its stores in the United States.Borders was acquired in 1992 by Kmart, which had acquired mall-based book chain Waldenbooks eight years earlier.Kmart had struggled with the book division, having first tinkered with the assortment and later with discounting.To compete in the rapidly growing e-reading market in the 2000s, Borders began selling various e-books devices.Borders put out its own e-reader app, where customers could easily download and access a large catalog of books.

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