Borders Inches Closer to Liquidation

Reuters - Borders Group Inc inched closer to liquidation on Sunday after a bidding deadline passed without offers, the Wall Street Journal said, citing people familiar with the matter.

(Reuters) - Borders Group Inc inched closer to liquidation on Sunday after a bidding deadline passed without offers, the Wall Street Journal said, citing people familiar with the matter.

Borders Group moved closer to liquidation after a key takeover offer from a private investment firm was rejected Wednesday.

By Jonathan Stempel (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on Wednesday. U.S. District Judge Andrew Carter said it would be unfair to other creditors of the former Borders Group Inc. to let gift card holders pursue recoveries from the bankruptcy estate. To do so, Carter explained, could upset a liquidation by Borders' bankruptcy trustee that is already "substantially" completed. ...

Borders Group stood on the brink of liquidation after a recent offer for the bookstore chain from a private-equity investor fell apart late Wednesday.

Mark Riddix submits: Borders Group (BGP) fought off filing for bankruptcy as long as possible but the bookstore chain couldn’t fight off the inevitable. On Wednesday, Borders filed for Chapter 11 Bankruptcy protection.

Borders Group said it would liquidate after the second-largest U.S. bookstore chain failed to receive any offers to save it.

Borders Group said it would liquidate after the second-largest U.S. bookstore chain failed to receive any offers to save it.