Sources: No Bidder For Entire Borders Chain
(Ann Arbor-WWJ) Contrary to an earlier report, Borders apparently does not have a suitor waiting in the wings to buy the entire book store chain.
A Bloomberg News report cites unnamed sources as saying to date no one has stepped forward with an offer to buy the entire Ann Arbor-based chain, which has been attempting to reorganize in federal bankruptcy court since February.
Barnes and Noble, America’s number one bookseller–Borders is second–has reportedly offered to buy around ten stores and other parties have put in bids for part of the business.
Borders has closed 230 stores, acout one-third of its total. The company recorded a 24.3 million dollar loss in March.
A Barnes and Noble spokeswoman said she could not confirm whether the company has bid on any Borders outlets. In Ann Arbor, Borders spokeswoman Mary Davis said “We are focused on moving forward with the execution of our business plan.”
(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. Bloomberg News Contributed To This Story.)