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Published: Friday, 7/22/2011

Judge approves plan to liquidate Borders

BLADE STAFF AND NEWS SERVICES

NEW YORK — A bankruptcy judge Thursday approved Borders Group’s plan to sell off its assets via a group of liquidators in what could be the final nail in the coffin for the 40-year-old chain.

Judge Martin Glenn of the U.S. Bankruptcy Court of the Southern District of New York approved Borders’ 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 Borders remaining 399 stores could be sold to rival chain Books-a-Million Inc. The two companies are still in talks, but if that deal happens, it could save about 1,500 of Borders remaining 10,700 jobs, said Borders lawyer Andrew Glenn.



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