Bookseller Borders, still operating as many as nine Connecticut stores, says in court papers it hopes to name a bidder by July 1 and sell itself by the end of that month, The Associated Press reports.
The bookseller, which filed for bankruptcy protection in February, says in papers filed Friday it plans to name a “stalking horse” bidder by July 1. A “stalking horse” is an initial bidder for a company in a bankruptcy.
The company says an auction is likely on July 22 with closing of a sale on July 29.
Borders also says a financing condition has also been amended that required it to liquidate 40 of its 400 remaining stores that it had not reached lease-extension agreements with landlords.
The Ann Arbor, Mich., company will now liquidate the stores only if a sale does not occur by the end of July.
