O. Henry

Borders and its 10,700 employees may have been hoping for a last-minute O. Henry-style twist to its bankruptcy saga, but the failed bid by the Najafi Companies investment firm means the story's final chapter is titled "Liquidation." On July 18, Borders announced it would submit to the U.S. bankruptcy court the proposal from Hilco and Gordon Brothers to purchase its assets and administer the liquidation process, including the chain's 399 remaining stores. A Borders statement said the retailer did not require an auction prior to presenting its proposal to the bankruptcy Court at a hearing scheduled for July 21.