Borders’ warning that it might have to close dozens of some of its best store locations seems to have worked. On top of the 11 announced extensions of the deadline to accept or reject leases, the company filed a new motion late Wednesday with the court canceling the intended auction among liquidators that had been scheduled for June 16.
After “extensive negotiations,” the filing says they “believe [they] have reached an agreement in principle” with both their lenders and the unsecured creditors committee “regarding an amendment to the DIP facility which would alleviate the need to conduct” the store closing sales. Borders “hopes to finalize an agreement in the very near term,” subject to the court’s approval.
Separately, however, the Hartford Courant reports that Borders will close a Waldenbooks location in Trumbull, at an unspecified date.