News Borders Files Plan to Start Closing Sales on Friday
posted on 2011-07-20 04:42 BST
Following Monday's announcement that the American bookstore chain Borders will close, Borders has confirmed it will submit a proposal from the liquidator consortium, led by Hilco and Gordon Brothers, to bankruptcy court on Thursday. According to Publishers Weekly, if the motion is approved, then going-out-of-business sales will begin "under a phased rollout," starting Friday and continuing until the end of September, when Borders expects to be completely out of business.
The auction previously scheduled for today has been cancelled, due to the lack of a formal proposal for a bid. Borders intends to liquidate under Chapter 11, and says it expects to pay vendors all expenses incurred during the bankruptcy cases.