Five months after Borders Group filed for bankruptcy, the bookseller announced Tuesday that it is set to liquidate its assets to repay creditors after a $215 million proposed sale of the company collapsed last week. Shutting down the nation’s second-largest bookseller will result in the loss of 10,700 jobs and closure of 399 stores.
Earlier this month Borders picked the Najafi Companies, a Phoenix-based private equity firm that owns the Book-of-the-Month Club, as the stalking-horse bidder seeking to acquire the company through a bankruptcy auction.
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