The Detroit News is among many media outlets reporting that Borders Group, the Ann Arbor-based bookstore chain, is going out of business. According to the report, a Tuesday auction for potential buyers has been cancelled. At a Thursday hearing, Borders will present to bankruptcy court its proposal for selling the business to a consortium of liquidators led by Hilco Merchant Resources and Gordon Brothers Group. A going-out-of-business sale could start as early as Friday. About 400 people work at Borders headquarters in Ann Arbor. [Source] Editor’s note: Richard L. Kaye, Hilco executive vice president, emailed The Chronicle on July 19 and stated that a press release issued by Borders Investor Relations, which the Detroit News article referenced, is inaccurate. Kaye writes: ”In fact, Hilco and … [Full Story]