NEW YORK ( TheStreet) -- Bankrupt bookseller Borders inched closer to liquidation after a bidding deadline passed without offers, The Wall Street Journal reported, citing people familiar with the matter.
Bids for Borders, the second-largest U.S. retail bookseller, were due at 5 p.m. EDT Sunday ahead of a bankruptcy-court auction scheduled for Tuesday, according to the Journal.
Borders, the newspaper said, is likely to entertain offers right up until the scheduled auction in the hopes of attracting a bidder to save the chain.
By late Sunday, Borders was in discussions with Books-A-Million (BAMM - Get Report), a bookstore chain based in Birmingham, Ala., on some kind of potential deal, said people familiar with the matter, the Journal reported.Last week, a plan for Direct Brands, a portfolio company of private investment firm Najafi Cos., to serve as the opening bidder in Tuesday's auction, fell apart. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts