Borders closer to liquidation as no bidders come forward

New York --Borders Group inched closer to liquidation after a 5 p.m. Sunday deadline passed and no bidders emerged to keep the bankrupt chain in business.

Late last week, investor Najafi Cos. decided to drop out of an effort to keep Borders' remaining 400 stores open.

It now appears more likely that Borders on Tuesday will be sold to liquidators Gordon Brothers Group and Hilco Merchant Resources in a bankruptcy court auction. However, published reports said that Borders had not given up hope and would entertain offers right up until the scheduled auction in the hopes of attracting a bidder to save the chain. Among the reported candidates was Books-A-Million Inc.