Borders Group Inc. said it would liquidate after the second-largest U.S. bookstore chain failed to receive any offers to save it.RTWT.
Borders, which employs about 10,700 people, scrapped a bankruptcy-court auction scheduled for Tuesday amid the dearth of bids. It said it would ask a judge Thursday to approve a sale to liquidators led by Hilco Merchant Resources and Gordon Brothers Group.
The company said liquidation of its remaining 399 stores could start as soon as Friday, and it is expected to go out of business for good by the end of September.
Seems weird. For a long time I enjoyed Borders more than Barnes and Noble. But times change.
This is a shame. I too enjoy Borders more than Barnes and Noble. The one I went to has a heck of a good coffee shop inside. Perhaps I will go this week, unless of course it is already closed. Economic recovery? No such thing.
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