The Borders Group, the bankrupt 40-year-old bookseller, said on Monday that it will move to liquidate after no last-minute savior emerged for the company.
Borders said in a press release that it will proceed with a proposal by Hilco and the Gordon Brothers Group. That liquidation plan will be presented to the federal judge overseeing the company’s bankruptcy case on Thursday.
What is left to unwind are Borders’ 399 stores, about two-thirds of the locations it operated when it filed for bankruptcy in February. It currently has 10,700 employees.
Borders will begin closing down its remaining stores as soon as Friday, and the liquidation is expected to run through September.