Tuesday, July 19, 2011

Borders Books To Liquidate

Months after declaring bankruptcy and with no buyer in sight, Borders Books has requested the court's permission to liquidate the stock at its 399 locations.
The U.S. Bankruptcy Court of the Southern District of New York is set to approve the move on Thursday. Liquidation sales could start as soon as Friday. In a statement, Borders President Mike Edwards said the changing book industry and the economy hastened the chain's demise. Borders had been seeking a new white knight bidder after a $215 million bid by private equity firm Najafi Cos. dissolved late last week. Creditors and lenders argued the chain would be worth more if it liquidated immediately.