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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).
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:
 BORDERS WINS APPROVAL TO LIQUIDATE 399 REMAINING STORES
 BOOKS-A-MILLION SUBMITS LAST-MINUTE BID FOR 30 STORES
 LIQUIDATION OF BORDERS STORES STARTS TODAY
 LANDLORDS MITIGATE RISKS FROM LIQUIDATION OF BORDERS
 KOBO CLARIFIES MATTERS ON LIQUIDATION OF BORDERS
 DEBTORS' MOTION TO HIRE AP SERVICES AS CRISIS MANAGERS
 LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
 STIPULATIONS EXTENDING TIME TO ASSUME OR REJECT LEASES
 COURIER POSTS $8.6-MIL. IMPAIRMENT CHARGE DUE TO BORDERS
 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/
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.
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