Borders Liquidation?

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By: nicole21, Blogger

Bankrupt retailer Borders now faces liquidation after creditors rejected a bid from Phoenix-based Direct Brands Inc., a company known for DoubleDay Book Club and Columbia House DVD.  Direct Brands's offer proposed keeping many stores open, but the creditors decided to back a full liquidation of Borders, according to The Arizona Republic.  A report from Phoenix Business Journal indicates the creditors (including publishing houses) believe millions more dollars could be gained by liquidating.

The liquidation plan has been approved by the U.S. Bankruptcy Court, but Reuters says that it isn't a done deal because a new bidder could step in before the auction set for this Tuesday.