Borders Group Inc., the bankrupt bookstore chain, may avoid a total wind-down by selling as many as 35 stores to Books-A-Million Inc. (BAMM) in a deal involving liquidators, Borders lawyer Andrew Glenn said.
Borders will, as scheduled, seek court approval today to liquidate its 399 remaining stores, Glenn said today in U.S. Bankruptcy Court in New York. The last-minute offer from Books- A-Million, which is still being negotiated, may save 1,000 to 1,500 jobs and boost returns to creditors, he said.
Full Story: Borders to seek approval of deal to sell 30 stores to Books-A-Million