In federal bankruptcy court Wednesday morning, Judge Martin Glenn agreed to extend the exclusive time period in which Borders can come up with a plan for emerging from Chapter 11 bankruptcy or selling the company’s assets. As previously reported, Borders would have run up against a June 16 deadline to file a plan under an exclusivity period, which has now been extended to October 14, with time to solicit votes on such a plan pushed back to December 13. Borders representative Andrew K. Glenn explained in court that a sale is now the focus of their efforts rather than reorganization, […]
Borders
No Buyer for All of Borders; Edwards Previews Kobo Plans
It will surprise no one (except perhaps some PW readers) that there were no bids to buy Borders in its entirety as a going concern by the “soft deadline” of May 6. Giving you some idea of a savvy bookselling appraisal of what’s left that’s worth buying, Barnes & Noble is said by Bloomberg and the WSJ to have placed a modest bid: To buy about 10 locations, the booksellers’ web site, and the Borders Rewards customer databases. (A BN spokesperson would neither confirm nor deny the report to the WSJ.) Practically speaking, the chain still has another month or […]