Posted: Jul 18, 2011 4:23 PM by Stefanie Boe
Updated: Jul 18, 2011 7:24 PM
Borders Group is edging closer to extinction after no new bids surfaced in an auction process for the bookstore chain other than the opening bid from two liquidation firms.
Borders Group last week assigned the opening bid in its auction process set for Tuesday to two liquidation firms, Hilco Merchant Resources and Gordon Brothers Group. The move came after a bid fell through from a private equity firm that could have kept the chain a going concern.
Creditors and landlords said liquidation was a better deal. If no other bids materialize, the auction will be canceled and a final court approval hearing on the liquidators' bid will be held
Borders filed for bankruptcy protection in February, hurt by competition from online retailers and discounters.