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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.