Borders Book Stores
July 19, 2011 by staff
Borders Book Stores, Settlement is likely Borders Group sealed. The book retailer eventually the rest of their 399 stores on Friday after he was unable to reach an agreement with a buyer before, Najafi Cos, on a bid to keep the company running. The borders will not make a bid, since it has been proposed to maintain the operation of the company, said in a statement Monday.
“We were all working hard to achieve a different result, but the headwinds that have faced for quite some time, including the book industry rapidly changing, the revolution eReader, and the turbulent economy, have led us to where we are now “said Borders Group Chairman Mike Edwards in a statement.
Liquidators, led by Hilco Merchant Resources, Gordon Brothers Retail Partners, who were the bidders for the auction scheduled opening, will now purchase the assets of the chain and winding them, subject to court approval bankruptcy. The deadline for bids last Sunday without any offer.
Borders has 10,700 employees and a phased implementation will close its stores in September. The company said it completed the wind beneath the protection of Chapter 11 bankruptcy and hopes to be able to pay its partners.
The sale of the liquidators, still subject to approval by the bankruptcy court, leaves no one to take the company’s commercial contracts, creditors said in the objections filed in bankruptcy court on Monday.
The chain, which once operated more than 1,000 stores, lost business as customers switch to electronic readers like the Amazon Kindle. Barnes & Noble invested in their own corner electronic readers.
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