On July 18, 2011, Borders Group Inc. announced its plans to liquidate and close the remainder of its 399 bookstore locations. The liquidation announcement followed the company's bankruptcy filing just months earlier. The final 31 Borders locations closed in September 2011.
The two Borders brothers founded the company just outside the University of Michigan in 1971. In 1992, Kmart purchased Borders, which at the time operated in 21 locations. At its peak in 2005, Borders was the second-largest book retailer and operated 1,200 locations worldwide. As the popularity of e-book and online retailers such as Amazon.com grew, Borders began experiencing financial difficulties. Between 2006 and 2010, the company lost $770 million.