Borders Group Inc, the second-largest U.S. bookstore chain has canceled an upcoming bankruptcy auction and will close its doors for good.
A bankruptcy judge had approved a plan to liquidate Borders after a sale to private equity firm Najafi Cos fell apart. Bankruptcy was filed in February after struggling for years to compete with rival.
Borders was unable to overcome competition from larger rival Barnes & Noble Inc and from Amazon.com Inc, which began to dominate book retail when the industry shifted largely online. Borders, for which online sales represented only a small fraction of revenue, never caught up to its rivals\' e-reader sales, namely Amazon\'s Kindle and Barnes & Noble\'s Nook.
A bankruptcy judge had approved a plan to liquidate Borders after a sale to private equity firm Najafi Cos fell apart. Bankruptcy was filed in February after struggling for years to compete with rival.
Borders was unable to overcome competition from larger rival Barnes & Noble Inc and from Amazon.com Inc, which began to dominate book retail when the industry shifted largely online. Borders, for which online sales represented only a small fraction of revenue, never caught up to its rivals\' e-reader sales, namely Amazon\'s Kindle and Barnes & Noble\'s Nook.