Borders Abandons Sale, Moves To Liquidate

Law360, Washington (July 18, 2011, 6:44 PM EDT) -- Borders Group Inc. said Monday in New York that it would abandon plans for a bankruptcy auction in favor of liquidating the company, shuttering nearly 400 stores and eliminating all 10,700 employees, after a $215 million offer to buy the bookstore chain collapsed last week.

Borders will sell itself, as previously announced, to a team of private equity firms, Hilco Merchant Resources and Gordon Brothers Group LLC, that wishes to liquidate the country's second-largest bookstore chain.

"Following the best efforts of all parties, we are saddened...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Borders Group, Inc.


Case Number

1:11-bk-10614

Court

New York Southern

Nature of Suit

Date Filed

February 16, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.