Borders Group Inc.'s creditors rejected today a sale of the bookseller to a private equity firm, paving the way for a possible liquidation of the chain.
Ann Arbor-based Borders received a bankruptcy judge's approval to start an auction for its assets and to liquidate if no higher bids are received.
The Wall Street Journal sure does sound fatalistic about it, saying the chain "looks to be headed to the scrap heap," and concluding, "Folks, get the obits ready. It may soon be lights out for Borders."
