More Time Granted in Borders Bankruptcy Case
Published on 06/15/2011 -
Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan approved an extension to the case which gives the company until October to file a reorganization plan and until December to solicit votes for it. Without this extension, Borders' exclusivity period to file a plan would have ended on June 16 and its time to solicit votes would have expired on August 15.
Borders is currently in talks with Gores Group, a private-equity firm that hopes to keep open more than 225 of the retailer's remaining 405 stores.
Borders filed for Chapter 11 protection in February after struggling with increasing competition for its products and the growth and prevalence of electronic books. The company has closed more than a third of its stores since filing for bankruptcy.
The company has said that if it reorganizes, it anticipates being a much smaller bookseller, projecting its annual sales to decline 28% from its 2010 profits to $1.5 billion.
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