Borders fades out, Web site on block

Borders is selling off its intellectual property, including the defunct book merchant's Web site and some of the contractual agreements it had with Kobo.

The last traces of the Borders book chain, after months of liquidating assets, are slowly disappearing.

The coffee is gone. So are the leather chairs. At the Time Warner Center in New York, books on aviary and furniture repair lay askew on half-empty shelves. In February, Borders announced it was filing for bankruptcy protection. The merchant simply couldn't find a place for itself in the era of digital books and e-readers.

The Borders in the Time Warner Center advertises its liquidation sale. Greg Sandoval/CNET

One of the last chores before turning off the lights will be to sell off the company's intellectual property, which includes the Borders.com Web site, a block of IPV4 addresses, as well the contractual agreements it had with Kobo , the maker of the electronic reader by the same name.

Borders owned a minority stake in Kobo , the company that powered Borders' e-book store. Contrary to what some believed, Kobo was unaffected by Borders' financial woes and continues to operate as an independent company.

To sell its intellectual property, Borders has hired Streambank, a firm that has become one of the favorites for selling off intellectual property from distressed companies. Streambank is also handling the liquidation of Circuit City , another once-dominant national retailer that has closed its doors.

David Peress, one of Streambank's three principles, says that Circuit City's Web site has generated a lot of interest and that went dark long ago. In Borders' case, the Web site continues to operate, which should help boost the value, according to Peress.

Alas, if you feel a jolt of remorse for the loss of Borders, plop into one of the leather chairs at your local Starbucks with your Kindle, iPad, or Nook and the pain should pass quickly.

 

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