Borders Group Moving Toward Liquidation

ANN ARBOR, MI—July 18, 2011—Borders Group reported that, in accordance with the terms of its financing agreement, it will submit to the bankruptcy court for approval it previously announced proposal from Hilco and Gordon Brothers to purchase the store assets of the business and administer a liquidation process. Borders said that, in the absence of a formal proposal from a going concern bidder, it will present the liquidation proposal to the bankruptcy court at a scheduled hearing on Thursday, July 21, 2011.