“Borders Group Inc., the bankrupt U.S. bookstore operator looking to reorganize, has so far failed to find a bidder for the entire chain, according to four people familiar with the matter,” Lauren Coleman-Lochner, Jeffrey McCracken and Tiffany Kary report for Bloomberg. “Barnes & Noble Inc., Borders’s larger rival, offered to buy about 10 stores, said two of the people, who declined to be identified because the process isn’t public. Other parties also bid for parts of the business, the people said.”
“The deadline for so-called going-concern bids that would keep the company operating was May 6, four of the people said,” Coleman-Lochner, McCracken and Kary report. “Borders and its advisers are still negotiating with a party that has put in an expression of interest for the company that would retain more than 200 stores, one person said.”
Coleman-Lochner, McCracken and Kary report, “The expression of interest is non-binding and requires due diligence by the interested party so talks could fall through at any time, said this person. The company hopes to find a buyer for some or all of the business in the next few weeks, two people said. The lack of offers for the whole chain may spell the end for Ann Arbor, Michigan-based Borders, founded 40 years ago as a single used bookstore in Michigan. The company filed for bankruptcy protection in February after losing sales to digital devices…”
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