Saturday, August 29, 2015
Current Weather
Loading Current Weather....
Published: Friday, 7/22/2011

Judge approves plan to liquidate Borders


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.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories