Borders Set to Liquidate
The Borders Group will close its remain stores and sell its assets to liquidators Hilco and Gordon Brothers, the company announced Monday. Liquidation will begin as early as this week and continue through September.
The move was made after Borders failed to find a buyer for a potential bankruptcy auction. The proposal for the liquidation will be submitted to Bankruptcy Court next week.
“Following the best efforts of all parties, we are saddened by this development,” Borders Group President Mike Edwards said in a statement. “We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now."