Judge Martin Glenn granted Borders an extension to finalize its reorganization plans following news that “several bidders” are interested in the bookstores.
Here’s more from The Detroit News: “Several bidders are interested in buying the bulk of Borders’ stores, lawyer Andrew Glenn said Thursday at a hearing in U.S. Bankruptcy Court in Manhattan. Glenn said he couldn’t discuss the details of any offers, but indicated the company hopes to complete a sale within two to four weeks.”
What do you think? The bids include a proposal from The Gores Group for approximately $200 million. When CEO Mike Edwards spoke with AnnArbor.com, he did stress that “publishers are going to make or break our ability to transform this company at the end of the day.” (via Publishers Weekly)