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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 80 401 13,843
MORTGAGES 99 439 16,005
FORECLOSURE NOTICES 19 63 2,202
BUILDING PERMITS 233 998 28,755
BANKRUPTCIES 49 276 8,926
BUSINESS LICENSES 23 136 4,701
UTILITY CONNECTIONS 23 141 5,534
MARRIAGE LICENSES 15 88 2,982

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