Has there been a bid for Borders?
A routine Borders bankruptcy hearing ended abruptly Wednesday in New York, and there is speculation that a bid or bids have been made to purchase the company.
Today's [Borders] hearing was a rather routine affair until lawyers for both sides approached the bench after Judge Martin Glenn asked for an update on where things stood. After returning from a brief meeting out of earshot from those listening on the phone, the judge adjourned the hearing. Speculation is that the attorneys were updating the judge on whether any bids for the company were made on Friday. Sources told PW that at least one bid was in fact made.
Since filing for Chapter 11 bankruptcy on Feb. 16, Borders has been liquidating stock and has closed hundreds of its retail bookstores across the country.
-- Carolyn Kellogg
Photo: A Borders slated for closure in February. Credit: Paul Sakuma / Associated Press