18 Jul '11, 11pm

Borders faces liquidation after sales bid falls through

NEW YORK - Borders Group Inc, the bankrupt bookstore chain, faces a sale to liquidators after Najafi Cos. declined to bid. "We will not, reluctantly," be making a bid, said Chief Executive Officer Jahm Najafi in an e-mail. Najafi had made an offer that would have kept some of the retailer's remaining 400 stores open, which Borders wanted to use as the leading bid in a July 19 auction. That fell apart last week after Najafi declined to abandon the option to liquidate stores. Liquidators led by Hilco Merchant Resources and Gordon Brothers Retail Partners LLC were made the opening bidders for the auction. The deadline for bids passed yesterday without any offers. Mary Davis, a spokeswoman for Borders, declined to comment. Borders is still required to get final approval of any transaction from US Bankruptcy Judge Martin Glenn in Manhattan. On July 14, Glenn approved a procedur...

Full article: http://www.todayonline.com/World/EDC110718-0000122/Border...

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