Borders announced Monday afternoon that “in the absence of a formal proposal from a going concern bidder, it did not require an auction” as scheduled for Tuesday. The company will submit for court-approval on Thursday the liquidation plan from Hilco and Gordon Brothers. Borders ceo Mike Edwards said “we are saddened by this development” in a statement, but wants to make sure you know it’s not their fault. “We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have […]