Content about Borders

Ann Arbor, Mich. -- Borders Group on Thursday won court approval to liquidate its remaining 399 stores, even as it negotiates to sell up to 35 stores to Books-a-Million.

"This is a bittersweet day," said U.S. Bankruptcy Judge Martin Glenn before a packed courtroom. "There are a lot of sad people around the country, a lot of sad people in the corporate headquarters. But there has been a late-breaking development."

Ann Arbor, Mich. -- Borders Group announced Thursday that it has agreed to sell itself to Najafi Cos. for $215 million. The deal is subject to court approval.

Najafi Cos. is a Phoenix-based private investment company, which owns the Book-of-the-Month Club.

The "stalking horse" bid will open an auction for the company and its assets, so a higher bid is possible, according to reports.

New York City -- On the heels of Monday’s announcement that Borders Group is delaying payments to some of its vendors, the bookseller said Tuesday that two senior-level executives have departed.

Thomas Carney, general counsel, and D. Scott Laverty, chief information officer, both resigned from their posts Monday evening.

The news was disclosed in a Securities and Exchange Commission filing Monday. Borders told the Wall Street Journal that the departures were part of its previously disclosed efforts to improve liquidity.

Ann Arbor , Mich. -- Borders announced an all new Borders.com featuring discounts on the 100,000 bestselling titles, multiple free shipping options, new product lines, strategic partnerships that complement the Borders brand and a more integrated social media experience.

To celebrate the new Borders.com, the company said it is offering free shipping on all orders placed on Borders.com, Nov. 15.