Borders Inches Closer to Liquidation. What Happens Next?

The deadline to save Borders passed yesterday, meaning that they will now proceed to a bankruptcy-court auction tomorrow.

It's not quite over for America's second-largest bookstore chain, and a bidder could still emerge in the next day-and-a-half to save the company – which employs nearly 11,000 people – from being liquidated.

In fact, the Wall Street Journal reported today that Books-A-Million were in talks late last night about a deal. However, it seems clear that even if this move comes...