NEW YORK — Borders Group Inc. hopes to name a bidder by July 1 and sell itself by the end of that month, according to bankruptcy court filings. Forty stores previously targeted for closing are also getting a temporary reprieve.
The bookseller, which filed for bankruptcy protection in February, said in court papers it plans to name a “stalking horse” bidder by July 1. A “stalking horse” is an initial bidder for a company in a bankruptcy auction. A higher bidder may materialize.
The company said an auction is likely on July 19, with a sale hearing on July 22 and sale closing on July 29.