Friday, July 22, 2011

Borders to Begin Liquidation Sale Today

A federal bankruptcy judge approved Borders Group's plan to liquidate late Thursday, which means a going-out-of-business sale will start today at many of the bookstore's 399 locations.

The nation's second-largest book chain, which filed for bankruptcy in February, said all of its stores will be closed by the end of September. Some could be shuttered before then if all inventory is sold off.

However, there could be a reprieve for at least some ofMichigan-based Borders' approximately 11,000 employees expected to be shortly out of work. Birmingham, Ala.-based book chain Books-A-Million has said it wants to buy 30 to 35 of the closing Borders locations and operate them under the Books-A-Million banner.

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