October 21, 2020

DealBook: Borders to Begin Liquidating on Friday

A Borders bookstore announces it closing.Mandel Ngan/Agence France-Presse — Getty Images

The Borders Group prepared to enter its final chapter — liquidation — on Friday after a federal bankruptcy judge approved its plan to wind down its remaining stores.

The Borders store closings will be run by a group led by Hilco and the Gordon Brothers Group and that also includes the Great American Group, the SB Capital Group and the Tiger Capital Group.

The liquidators will offer discounts of up to 40 percent. Should customers be more interested in shelving and coffee machines instead of books and CDs, the store fixtures can also be bought.

“This marks the end of an era and we thank our customers for their patronage over our 40-year history,” Mike Edwards, president of Borders, said in a statement. “I encourage our customers to take advantage of this one-time opportunity to find exceptional discounts on their favorite books and other great merchandise.”

Borders is seeking court approval to sell 30 stores to a smaller rival, Books-A-Million. That must first be approved by bookstore chain’s official unsecured creditors committee.

The liquidation of Borders, which began 40 years ago as a used bookstore in Michigan, is expected to run through September.

Article source: http://feeds.nytimes.com/click.phdo?i=3882eb682d4c69b4ac79cd50225c4cec