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Borders unable to find white knight
by hlk Wed 20 Jul 2011, 14:03
NEW YORK: Borders Group Inc, the second-largest US bookstore chain, said it had cancelled an upcoming bankruptcy auction and would close its doors for good.
The company said in a statement on Monday it was unable to find a buyer willing to keep it in operation and would sell itself to a group of liquidators led by Hilco Merchant Resources.
Borders' roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company. Reuters
The company said in a statement on Monday it was unable to find a buyer willing to keep it in operation and would sell itself to a group of liquidators led by Hilco Merchant Resources.
Borders' roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company. Reuters
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