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VOL. 126 | NO. 142 | Friday, July 22, 2011

Bankruptcy Judge Approves Borders Liquidation

The Associated Press

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Borders Group's liquidation plan is set to proceed after receiving approval from a bankruptcy judge.

A judge on Thursday approved the 40-year-old booksellers' plan to appoint liquidators led by Hilco Merchant Resources and Gordon Brothers Group to sell off its assets. Going-out-of-business sales are set to begin at some stores Friday.

About 30 to 35 of the stores could be sold to rival chain Books-a-Million Inc. but the two companies are still in talks.

Books-A-Million, based in Birmingham, Ala., will become the second largest U.S. bookseller after Borders liquidates. It operates more than 200 stores in 23 states and the District of Columbia.

Borders, in Ann Arbor, Mich., filed for bankruptcy protection in February. It said earlier this week it planned to liquidate after a potential private-equity bid fell through.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 70 1,045
MORTGAGES 0 79 1,199
FORECLOSURE NOTICES 19 19 247
BUILDING PERMITS 146 146 2,571
BANKRUPTCIES 39 91 766
BUSINESS LICENSES 0 23 512
UTILITY CONNECTIONS 25 25 318
MARRIAGE LICENSES 0 21 161