Borders Looks to Sell Brand Name3 Aug, 2011 By: Chris Tribbey
Bankrupt Borders Group Inc. will ask a judge Aug. 10 to approve a September auction that could keep the defunct retailer’s brand alive, at least online.
Liquidators currently are working to close Borders’ remaining brick-and-mortar stores and sell off physical assets, though Borders.com and the company’s trademark could be auctioned off to a prospective bidder.
Borders also is asking the judge in its bankruptcy case to approve auction procedures that would allow the company to sell off leases of stores that are scheduled to close before the leases expire.
“The debtors believe that the bidding procedures will allow the debtors to maximize the value of the leases by proving an orderly process by which the debtors will sell or otherwise dispose of the leases,” court documents read.
Borders first filed for bankruptcy in February and after failing to find a bidder announced July 18 it will sell its assets to a group led by Hilco Merchant Resources and Gordon Brothers Group, who are liquidating the 40-year-old chain.