Bankruptcy Judge OKs Borders' Liquidation Petition
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An attorney for Borders told Reuters that the plan being negotiated would see Books-A-Million acquire the inventory and merchandise at certain stores. As for the liquidation itself, it is expected to realize between $250 million and $284 million, which Borders will use to pay back creditors.
A private equity firm that owns the Book-of-the-Month Club had offered $215 million in cash and $220 million in assumed liabilities—a move that would have kept Borders afloat and saved the jobs—but the objection of creditors put the kibosh on a last-minute save.
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