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Thursday
Jul212011

Borders Liquidation to Begin Friday

Borders dot com(NEW YORK) -- Borders Group President Mike Edwards is calling it the "end of an era." After four decades in the book-selling business, Borders Group is selling off its assets.  

On Thursday, a New York judge approved the liquidation of the book and music retailer.  

"Hopefully the Books-A-Million transaction will at least help in maintaining some employees with continuing jobs," U.S. Bankruptcy Court Judge Martin Glenn said Thursday, according to The Wall Street Journal.

Books-A-Million is expected, according to a proposed deal, to buy 30 to 35 stores from the liquidation and take over the leases on those stores and hopefully preserve at least 1,000 jobs, WSJ reports.

The book retail chain was once the second-largest in the U.S., with 1,200 stores and over 10,000 employees at its peak.

Liquidation of 399 of its stores begins Friday.

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