VOL. 126 | NO. 142 | Friday, July 22, 2011
Bankruptcy Judge Approves Borders Liquidation
The Associated Press
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.
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