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Monday, July 18, 2011

Borders to Liquidate

BORDERS GOING SOUTH: Borders is looking to the courts to approve a liquidation plan for its remaining bookstores after failing to receive any bids that would allow the company to continue its operations, according to AP. Liquidation sales could start as soon as Friday after the U.S. Bankruptcy Court of the Southern District of N.Y. approves the move on Thursday. 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. The company has closed more than 200 stores, leaving 405 in operations. (7/18p)

 
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