Borders sale fails

Grim record shop news from the US: Borders sale has failed; all 400 stores are now to close. Reuters reports:

The Hilco group will begin liquidations as early as Friday, with the process to conclude sometime in September, Borders said. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing Thursday in U.S. bankruptcy court in Manhattan.

Andrew Glenn, an attorney for Borders, told Reuters last week the company expected a liquidation sale to bring in between $250 million and $284 million.

It had lost much of its sparkle over the last couple of years, but Borders was still shifting a lot of CDs.