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
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