Closings and Liquidation: A story of Borders


>I, personally, like borders.  It’s a great bookstore, with plenty of options for everyone: teens, adults, scifi, romance, westerns, fiction, literary, music.  Just a shame they have no business plan.

WILMINGTON, Del./NEW YORK (Reuters) – Bookseller Borders Group Inc (BGP.N) is reviewing bids from liquidators to close hundreds of stores as it works out the final details of its impending bankruptcy filing, according to people close to the talks.
The review is part of its plan to close about 200 of its 650 stores, which are a mix of Borders superstores and smaller Waldenbooks shops, these people said.
The store closings will remove weak stores that have bled the retail chain’s cash in recent years and provide immediate funds from the sale of inventory.
“Borders will not comment or speculate upon Borders’ future course,” said a company spokesman. “If and when the company has something to disclose, it will do so.”
One sticking point for the liquidators is that publishers want a say in the price of books in store closing sales.
The liquidators bidding for the business include Tiger Capital Group, SB Capital Group, Gordon Brothers Group and Great American Group, according to a person close to the bidding.
The liquidators did not return calls for comment.

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