News

Borders seeks court approval for closing-down sales

21.07.11 | Graeme Neill

Borders goes to court today to seek approval for liquidators to launch closing down sales across its stores.

It is expected the sales will bring in between $250m and $284m the bankrupt book chain owes to creditors.

The sale, led by Hilco Merchant Resources and Gordon Brothers Retail Partners, will sell off merchandise and furniture and is expected to start tomorrow (22nd July). It is likely to be completed by September. Reuters reports the retailer will hold a separate auction for its
brand name and leases.

Borders had hoped to be rescued by a bid from private equity firm Najafi but the deal fell apart amid objections from creditors.

 

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By DaveG

I remember the Borders liquidation sale in the UK, it was one of the saddest things to see.

Thu, 21/07/2011 - 10:39
By ADS

It is a shame a good company went bankrupt.Having been employed by Borders UK when they went bust and then Hilco came and liquidated everything was a horrible time and I feel for the staff of Borders USA.Tip for the staff:If Hilco tell you they will pay you overtime,don't accept.They won't.Good Luck and Godspeed.

Thu, 21/07/2011 - 11:36
By Veteran

I read Publishers Weekly comments from a handful of indie bookshops situated nearby soon-to-be-closed US Borders stores with incredulity. They claim the closures will make little or no difference to them and, due to the close-out nature of the impending sales, may cause them damage. While the latter may be true temporarily I cannot believe that all existing Borders shoppers will evaporate into the ether. Come on indies (and this applies to those nearby gone/going UK Waterstone's stores) show some enterprise and seek to capture at least some of that footfall before it drifts off to e-tailers.

Thu, 21/07/2011 - 11:46
By Graeme Neill

Veteran makes a good point. It seems evident from what happened in the UK that while some sales will migrate to nearby stores or online, some will just disappear as shoppers look to other entertainment products.

Thu, 21/07/2011 - 12:49
By DaveG

I remember the Borders liquidation sale in the UK, it was one of the saddest things to see.

Thu, 21/07/2011 - 10:39
By ADS

It is a shame a good company went bankrupt.Having been employed by Borders UK when they went bust and then Hilco came and liquidated everything was a horrible time and I feel for the staff of Borders USA.Tip for the staff:If Hilco tell you they will pay you overtime,don't accept.They won't.Good Luck and Godspeed.

Thu, 21/07/2011 - 11:36
By Veteran

I read Publishers Weekly comments from a handful of indie bookshops situated nearby soon-to-be-closed US Borders stores with incredulity. They claim the closures will make little or no difference to them and, due to the close-out nature of the impending sales, may cause them damage. While the latter may be true temporarily I cannot believe that all existing Borders shoppers will evaporate into the ether. Come on indies (and this applies to those nearby gone/going UK Waterstone's stores) show some enterprise and seek to capture at least some of that footfall before it drifts off to e-tailers.

Thu, 21/07/2011 - 11:46
By Graeme Neill

Veteran makes a good point. It seems evident from what happened in the UK that while some sales will migrate to nearby stores or online, some will just disappear as shoppers look to other entertainment products.

Thu, 21/07/2011 - 12:49

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