As reported by HCN’s Woodlands Sun, a press release from Borders Group, Illinois-based Hilco Merchant Resources and Massachusetts-based Gordon Brothers Group will, pending approval of the U.S. Bankruptcy Court, purchase the store assets of the business and administer the liquidation process. Both Hilco and Gordon Brothers specialize in helping companies with restructuring.
"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards in the release. "We were all working hard toward a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution and turbulent economy, have brought us to where we are now.”
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