Another retailer that sells MUSIC bites the dust.
Borders Bookstore Will Eliminate 11,000 Jobs, Close 400 Remaining Stores
Bankrupt Borders Group Inc said it has canceled its auction and will sell itself to a group of liquidators.
Borders announced the decision on Monday, saying it was not able to reach a deal for a going-concern sale to salvage its 400 remaining stores and 11,000 jobs.
A liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.
(Reporting by Nick Brown, editing by Bernard Orr)