Borders Group Seeks to Liquidate Assets at 51 Stores

Borders Group Inc., the bankrupt bookstore chain, seeks court permission to liquidate assets at another 51 stores, even as it negotiates with landlords and lenders to avoid doing so.

Closing the stores, including those at New York’s JFK International Airport and Penn Station, will result in a “significant loss of jobs” and may not give the best returns to creditors, Borders said. It plans to try to shorten the list of stores if it can bargain more concessions from landlords. Meanwhile, its bankruptcy loan requires it to prepare for closing all 51 stores under certain deadlines or risk a default, Borders said in court papers filed today.