Borders‘ motion to vacate unexpired leases for four stores in the midwest was approved by New York Bankruptcy Court late last week, reducing the amount of rent Borders is obligated to pay by approximately $245,000 per month. Affidavit [PDF] Last week, Joseph-Beth Booksellers sought more time from bankruptcy court to file a reorganization plan, which was originally due on March 3. Ultimately that hearing was pushed back to March 23, but not without some harsh criticism from the unsecured creditors committee, which charged that Joseph-Beth’s “management and professionals have not yet defined the contours of their reorganized business and how they intend […]
