14 Sep '11, 2am

Borders clears 90% of its stock at clearance sale, but judicial manager declines revealing how much was raised

Borders clears 90% of its stock at clearance sale, but judicial manager declines revealing how much was raised

Buyers snapped up about 90 per cent of the books and general merchandise on offer at the recent Borders clearance sale - considerably more than the judicial manager for the troubled bookstore had expected. -- ST PHOTO: JOYCE FANG By Jessica Lim Buyers snapped up about 90 per cent of the books and general merchandise on offer at the recent Borders clearance sale - considerably more than the judicial manager for the troubled bookstore had expected. Mr Timothy Reid from recovery firm Ferrier Hodgson said the sale at the Singapore Expo from Sept 2 to 6 'exceeded our expectations very significantly'. About 60,000 books were available at discounted rates. Declining to reveal the amount raised, he said the sale of the store's stock was to realise the assets of the company for the benefit of creditors, including gift card holders. So far, more than 1,000 people holding Borders gif...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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