Borders Facing Liquidation After Bidding Deadline Passes with No Offers

Book retailer Borders Group Inc. is facing a possible liquidation of its operations, as the bankrupt company received no offers before the Sunday bidding deadline, The Wall Street Journal is reporting. Citing people familiar, The Journal noted that no offers were received before the 5 p.m. EST Sunday deadline. A bankruptcy court auction is scheduled for Tuesday. Borders sells books, music, and movies online and in retail stores across the U.S. The company is based in Ann Arbor, Michigan and was founded in 1971. In February 2011, Borders filed for bankruptcy protection. Intense competition between Amazon AMZN and Barnes & Noble BKS were large contributors to the bankruptcy, as well as a late entrance into online sales.