By Rick Douglas
The Borders book chain looks to be one step closer to going out of business. Sunday was the deadline for final bids and the only company not looking to liquidate the chain declined to bid. That means the company now faces a sale to liquidators.
Borders must still get final approval of any transaction from bankruptcy judge Martin Glenn in New York City. On Friday, Glenn approved a procedure to allow the liquidators to buy Borders’ assets if others didn’t enter a bid by 5 pm eastern time, Sunday.