Borders Group, the nation’s second-largest bookstore chain that once operated over 1,000 stores, appears headed for liquidation after a judge today approved its motion to auction itself off with a team of liquidators as its opening bid. The move came after an offer made earlier this month from a private-equity investor disintegrated overnight. Borders says it will accept bids until 5 p.m. Sunday and will give notice by Monday if no other bidder emerges. Earlier this month a private-equity investor from Phoenix offered $215 million for the company, but that deal fell apart late Wednesday after creditors and landlords objected. Ann Arbor, Mich.-based Borders Group Inc. filed for bankruptcy protection in February, brought down by tough competition from online booksellers and discounters. Borders shut down its New Orleans and Metairie stores earlier this year, but has a location at the Mall of Louisiana.
Book could be closing on Borders
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