Borders Expects Bankruptcy Sale By End Of July

Law360, New York (June 20, 2011, 3:52 PM EDT) -- Bookstore chain Borders Group Inc., which had been eyeing liquidation and widespread store closings, now expects to sell itself to a bidder who would keep its business in operation, according to a motion filed Friday in a New York bankruptcy court.

Borders said it planned to name a stalking horse bidder by July 1, with an auction to follow on July 19. Under such a timeline, the bookstore chain, the U.S.' second-largest behind Barnes & Noble Inc., anticipates closing by the end of July.

"The going...
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