|
Friday, 22 July, 2011 2:11 PM
Going-Out-Of-Business
Sale Begins Friday, July 22, at 399 Borders Locations in 47 States,
District of Columbia and Puerto Rico
Inventory & Fixtures Liquidation Managed by Gordon Brothers
Group, Hilco Merchant Resources, Great American Group, SB Capital
Group and Tiger Capital Group
PHOTO
BY JASON RZUCIDLO / ©AMERICAJR.com
All
of the Borders Bookstores will be closing including the
flagship location in downtown Ann Arbor, Mich.
|
|
BOSTON
— A going-out-of-business sale will begin Friday,
July 22nd, at all 399 remaining Borders bookstore locations, which
include 259 Borders superstores as well as 114 Borders Express and
Waldenbooks, and 26 Borders Airport stores. Over $700 million of
inventory, including books, puzzles/games, activity sets, stationery,
magazines, music and movie media, calendars, posters, and more will
be liquidated, as well as store fixtures, furnishings and equipment.
Mike Edwards, President
of Borders Group, stated, "This marks the end of
an era and we thank our customers for their patronage over our 40-year
history. I encourage our customers to take advantage of this one-time
opportunity to find exceptional discounts on their favorite books
and
other great merchandise. The commitment to our customers will remain
a
top priority throughout the going-out-of-business sale."
The liquidation is being
managed by a joint venture composed of Gordon
Brothers Group, LLC; Hilco Merchant Resources, LLC; Great American
Group, LLC; SB Capital Group, LLC; and Tiger Capital Group, LLC.
A
spokesperson for the joint venture said, "This is the final
opportunity
for consumers to take advantage of truly compelling discounts on
a
tremendous selection of literature, entertainment media and much
more.
We anticipate that today's value-conscious consumer will respond
very
positively to these outstanding savings. We expect this will be
a short
sale."
Discounts up to 40% will
be offered on all merchandise at every
location. Consumers will benefit from very significant savings on
the
entire stock of books in every category, including new releases,
best
sellers, textbooks, rare and collectible books, and children's books.
There are also substantial price reductions on tens of thousands
of
music CDs and video DVDs, calendars, posters, puzzles, and arts
and
crafts items. In addition, customers can also buy store fixtures
such
as lighting, shelving and racks, and, at select locations, café
equipment. Borders gift cards will be honored throughout the sale.
Initially, Borders Rewards PLUS members will continue to receive
additional discounts on qualifying purchases. All existing Borders
Bucks
can be redeemed until they expire on July 31, 2011. All sales made
on or
after July 22, 2011 are final. Returns made on any merchandise purchased
prior to July 22, 2011 will be handled in compliance with Borders
existing return policy.
For a complete listing
of closing store locations and the latest sale information, please
visit www.borders.com.
About Gordon
Brothers Group, LLC
Founded in 1903, Gordon
Brothers Group (www.gordonbrothers.com)
is a global advisory, restructuring and investment firm specializing
in the retail, consumer products, industrial and real estate sectors.
Gordon Brothers Group maximizes value for both healthy and distressed
companies by purchasing or selling all categories of assets, appraising
assets, providing debt financing, making private equity investments,
and operating businesses for extended periods. Gordon Brothers Group
conducts over $50 billion in transactions and appraisals annually.
About Hilco Merchant
Resources, LLC
Based in Northbrook,
IL, Hilco Merchant Resources (www.hilcomerchantresources.com)
provides high-yield analytical, operational, asset monetization,
capital investment and advisory services to help retailers define
and execute their strategic initiatives. Activities fall into seven
principal categories: acquisition of disposition of duplicative
or underperforming stores; retail company or division wind downs,
event sales to convert unwanted assets into working capital; facilitation
of mergers and acquisitions; interim company, division or store
management; loss prevention; and, monetization of furniture, fixtures
and equipment. Over the years, Hilco principals have disposed of
assets valued in excess of $150 billion. Hilco Merchant Resources
is part of the Hilco organization, a provider of asset valuation,
acquisition, disposition and advisory services to an international
marketplace through twenty specialized business units. Also headquartered
in Northbrook, IL, Hilco maintains offices in major business centers
throughout North America and Europe. For more information please
visit: (www.hilcotrading.com).
About Great American
Group, LLC (GAMR-G)
Great American Group,
LLC, is a leading provider of asset disposition solutions and valuation
and appraisal services to a wide range of retail, wholesale and
industrial clients, as well as lenders, capital providers, private
equity investors and professional service firms. Great American
Group has offices in Atlanta, Boston, Chicago, Dallas, London, Los
Angeles, New York and San Francisco. For more information, contact
(818) 884-3737 or visit www.greatamerican.com.
About SB Capital
Group, LLC
SB Capital Group, a Schottenstein
affiliate, is a leader in the field of asset recovery, rescue finance,
restructuring and strategic store closing events. As equity stakeholders
in businesses comprising sectors as diversified as retail enterprises,
consumer products, franchising, licensing and real property, SB
Capital Group leverages resources and depth of experience to provide
services with applicability across a wide spectrum of industries.
Recognized worldwide as a trusted partner for businesses and professionals,
SB Capital Group's participation in transactions that span the globe
has solidified a reputation as one of the most creative and innovative
financial service and asset realization firms in existence today.
Discover more at www.sbcapitalgroup.com.
About Tiger Capital
Group, LLC
Tiger Capital Group (www.tigergroupllc.com)
specializes in the planning, promotion, and management of store-closing
events in connection with mergers, acquisitions, downsizing, corporate
divestitures and Chapter 11 proceedings. Our focus is to help retailers,
assets-based lenders, and other financial institutions understand
the underlying value of inventory and to provide key monitoring
advice. Professionals within Tiger Capital have many years' experience
and extensive knowledge in the valuation of assets.
Source:
Gordon Brothers Group, LLC
Related
Story: Where
Wall Street Meets Main Street: An Independent Publisher's Ordeal
With Borders' Bankruptcy
PHOTO
BY JASON RZUCIDLO / ©AMERICAJR.com
All
of the workers will lose their jobs including those at the Borders
Headquarters in Ann Arbor, Mich.
|
