Borders' Final Chapter: Liquidation Plan Approved

Law360, New York (July 21, 2011, 3:45 PM EDT) -- A New York bankruptcy judge on Thursday approved Borders Group Inc.'s plan to liquidate, ending the 40-year run of a bookseller that once had over 1,200 stores.

With the OK of U.S. Bankruptcy Judge Martin Glenn, a liquidation group led by Hilco Merchant Resources and Gordon Brothers Group LLC will launch going-out-of-business sales at almost all of the retailer's remaining 399 stores Friday.

A tentative deal with Books-a-Million Inc., however, might allow as many as 35 Borders stores to continue operating in some form, which would...
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