Dayton Business Journal...
Borders starts liquidation sales
by Barton Eckert, DBJ Contributor
Friday, July 22, 2011 

A federal bankruptcy judge has approved Borders Group ‘s plan to liquidate and the company commenced going-out-of-business sales at some of its remaining 399 locations on Friday. 

The 40-year-old bookstore chain also reported Friday Books-A-Million wanting to buy 30 to 35 of the Borders (Nasdaq: BGPIQ) stores. The deal would save about 1,500 jobs, according to a Borders lawyer. Borders now has 10,700 employees. Borders now has 10,700 employees. 

Click here for database of all 200 initial store closing locations. 

Books-A-Million (Nasdaq: BAMM) operates 231 stores in 23 states and the District of Columbia, including two in the Dayton reigon. If successful, the company would buy merchandise and fixtures at Borders stores and negotiate assuming leases. 

Judge Martin Glenn of the U.S. Bankruptcy Court of the Southern District of New York approved Borders’ plan to appoint liquidators led by Hilco Merchant Resources and Gordon Brothers Group to sell off its assets. 

Borders filed for bankruptcy in February and closed one of its Dayton stores, among 237 others. 

Borders’ leading competitor as a bricks-and-mortar bookstore chain, Barnes & Noble , has a $1 billion takeover offer from John Malone’s Colorado media conglomerate, Liberty Media Corp. 

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