Borders Group begins liquidation sales at all of its 399 stores as the 40-year-old chain winds down operations.
A liquidation company that is part of the process said late Thursday that the sales will be held starting Friday at all 259 Borders superstores, 114 Borders Express and Waldenbooks, and 26 Borders airport stores.
Gordon Brothers Group, part of a group of liquidators leading the sales, says more than $700 million of the company's inventory, including books, stationery, music and movies will be sold.
Store fixtures, furnishings and equipment, including shelving and, in some cases, cafe equipment, will also be sold off
Discounts of up to 40 percent off will be offered on the merchandise initially. Liquidation sales typically last eight to ten weeks and discounts usually get steeper later in the process, although merchandise is scarcer.
Borders gift cards will be valid throughout the sale.
"This marks the end of an era," said Borders Group President Mike Edwards.
Still, some stores may remain open as Books-A-Million stores. The chain is bidding for leases and assets of 30 Borders stores. Under the proposed Bid, Books-A-Million, will assume the leases and continue to operate the stores.
Books-A-Million, based in Birmingham, Ala., operates 231 Books-A-Million, Bookland and Books & Co. stores.