A bidding deadline for bookstore chain Borders Group passed Sunday afternoon with no offers, Reuters reported, citing news from the Wall Street Journal. Bids were due at 5 p.m. yesterday, ahead of a bankruptcy court auction set for Tuesday, Reuters said. The company filed for bankruptcy in February.
(Reuters) – Borders Group Inc inched closer to liquidation on Sunday after a bidding deadline passed without offers, the Wall Street Journal said, citing people familiar with the matter.
Bids for the second-largest U.S. book store retailer Borders were due at 5 p.m. Eastern Time Sunday ahead of a bankruptcy court auction scheduled for Tuesday, the paper said.
Last week, a bankruptcy judge had approved a plan to liquidate Borders after a sale to private equity firm Najafi Cos fell apart.
Borders filed for bankruptcy in February after struggling for years to compete with larger rival Barnes & Noble Inc and Amazon.com Inc as more consumers bought books through the Web. Online sales account for a tiny fraction of Borders sales.
Borders declined to comment to Reuters on the WSJ report. (Reporting by Sakthi Prasad; Editing by Anshuman Daga)