News Private Equity Firm Gores Group Bids on Borders Stores
posted on 2011-06-04 23:55 EDT
The North American financial newspaper The Wall Street Journal reported on Friday that the California-based private equity firm Gores Group has placed a bid for "more than half" of the Borders bookstore chain, which is currently embroiled in Chapter 11 bankruptcy proceedings. The ICv2 retail news site reported that the offer is US$200 million for 200 of Borders' 405 remaining bookstore locations.
To date there have been no reports of a bidder for the entire company. Several groups have bid on parts of the firm, including the book chain Barnes & Noble. The rival chain had itself received a buyout offer from Starz Media parent Liberty Media.