Sad news:
Looks like it’s time to close the book on Borders.
The bankrupt bookstore chain will likely begin the liquidation process after it couldn’t come to terms with a bidder that would have kept its 399 nationwide stores operating.
The second-largest book chain behind Barnes & Noble is asking the U.S. Bankruptcy Court in Manhattan to approve a proposal from Hilco Merchant Resources and Gordon Brothers to buy store assets. Liquidation sales could begin Friday.
Borders in Peoria is located in the Shoppes at Grand Prairie.
On Thursday, the Peoria County Board approved a resolution to settle a lawsuit with other creditors involved in the Firefly Energy loan default. The $500,000 settlement allows the City and County to own Firefly’s intellectual property, which they can then sell free and clear to Electrotherm Ltd. of Ahmadabad, India. After the sale of the assets, the County and City will only owe the bank $2 million, so the total cost to settle the original $6.6 million loan guarantee will be $2.5 million.
The vote to approve the resolution was 15-2, with Brad Harding and Andrew Rand voting against it for unspecified reasons.
News and Comment about Peoria, Illinois
