Borders Group Moving Toward Liquidation
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Borders currently operates 399 stores and employs approximately 10,700 employees. Subject to the court’s approval, under the proposal, liquidation is expected to commence for some bookstores and facilities as soon as Friday, July 22, with a phased rollout of the program expected to conclude by the end of September. Borders intends to liquidate under Chapter 11 of the Bankruptcy Code and, as a result, Borders expects to be able to pay vendors in the ordinary course for all expenses incurred during the bankruptcy cases.
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