Borders names CFO to lead liquidation

Ann Arbor, Mich. -- A Wednesday report by Detroit News said that Borders Group Inc. has appointed turnaround specialist Ojas Shah as its CFO to lead the company toward final liquidation.

Shah has been a director of Alix Partners, the firm providing financial restructuring and bankruptcy services to Borders.

Borders, which filed for Chapter 11 bankruptcy protection in February, is slated to close all stores effective Sunday, Sept. 18.

Former CFO Scott Henry was voluntarily let go on July 29 and has been approved by a Manhattan bankruptcy judge to receive a $125,000 severance, according to the report.