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Borders Reports $1.5-Mil. Net Loss for Month Ended June 25

BCSI reports on latest events arising in the chapter 11 cases commenced by Borders Group Inc (MI).

 
PRLog - Jul. 22, 2011 - FAIRLESS HILLS, Pa. -- FAIRLESS HILLS, Pa. -- Borders Group, Inc. listed a net loss of $1.5 million for the month ended June 25, 2011, compared to a $35.4 million net loss in May 2011.

After months of trying to revive its business, Borders has finally embarked on a going-out-of business sale.  Judge Martin Glenn approved on July 21 a sale of Borders assets in 399 remaining stores to a liquidator group led by Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.

Details of the Borders liquidation and the company's agency agreement with the Hilco-Gordon group, as well as Books-A-Million's last minute bid on 30 Borders store, are available in BORDERS GROUP BANKRUPTCY NEWS, Issue No. 25, published by Bankruptcy Creditors' Service, Inc.

The 13-page newsletter contains stories with these headlines:

[00330] BORDERS WINS APPROVAL TO LIQUIDATE 399 REMAINING STORES
[00331] BOOKS-A-MILLION SUBMITS LAST-MINUTE BID FOR 30 STORES
[00332] LIQUIDATION OF BORDERS STORES STARTS TODAY
[00333] LANDLORDS MITIGATE RISKS FROM LIQUIDATION OF BORDERS
[00334] KOBO CLARIFIES MATTERS ON LIQUIDATION OF BORDERS
[00335] DEBTORS' MOTION TO HIRE AP SERVICES AS CRISIS MANAGERS
[00336] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00337] STIPULATIONS EXTENDING TIME TO ASSUME OR REJECT LEASES
[00338] COURIER POSTS $8.6-MIL. IMPAIRMENT CHARGE DUE TO BORDERS
[00339] DEBTORS' MONTHLY OPERATING REPORT -- Ended June 25, 2011


A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS...  for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).

How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS

BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORD...

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Contact Email:
***@bankrupt.com
Source:Bankruptcy Creditors' Service, Inc.
Phone:(215) 945-7000
Zip:19030
Location:Fairless Hills - Pennsylvania - United States
Industry:Books, Retail
Tags:borders, Borders bankruptcy, monthly operating report, liquidation, books-a-million, chapter 11
Shortcut:prlog.org/11595897
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