Borders Cancels Auction, May Reduce Store Closures16 Jun, 2011 By: Chris Tribbey
Bankrupt retailer Borders Group canceled an auction of unsold merchandise and may have reached an agreement with lenders and creditors to salvage approximately 40 stores that previously had been on the chopping block, according to documents filed in U.S. bankruptcy court.
“The debtors are continuing to negotiate with landlords to further reduce the closing stores list and will file periodic additional updates,” a filing reads.
Borders has closed more than 200 of its locations since filing for bankruptcy in February, leaving it with more than 400 locations.
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