Borders Granted Extension

Even though Borders has been granted an extension to file its reorganization plan, it seems as though the company will still be forced to sell some of its stores.

The judge gave Borders until October to file its reorganization plan. However, Andrew K. Glenn announced that he intends to sell the company anyway within two to four weeks from now. He stated that there are already several interested buyers who are in talks with the company. One of these buyers is reported to be Gores group, who would be willing to purchase 200 of the 400 remaining stores.

Although Borders thought that it could beef up sales by improving its website to be competitive on the digital market, the changes came too late to save the company from financial ruin.

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