News Borders Retailer Plans July Sale of Almost All Assets
posted on 2011-06-20 12:00 EDT
On Friday, the American bookstore chain Borders filed a motion asking for permission to sell "substantially all of its assets" by July 29. If it does not secure both permission from the court and a sales agreement from a willing buyer, Borders said that it will liquidate its bookstore chain as quickly as possible.
Under the proposed agreement, Borders would name a stalking horse bidder by July 1 and plans to complete a sale by July 29. Borders emphasized that talks over the sale of the company have “gained significant momentum in recent weeks."
The amendment also calls for the closing of three stores — Ocean County Mall in Toms River, New Jersey; Valley River Center in Eugene, Oregon; and McCarran Airport in Las Vegas — as well as the possible liquidation of 10 small-format stores if their leases are terminated.
A hearing on the proposed amendment is now scheduled for Wednesday, June 22 at 11:00 a.m.
Source: Publisher's Weekly