Borders told the bankruptcy court last Friday that it is planning an auction of company assets on July 19th, with a sale to close by the end of July. The alternative, according to the filing, would be to sell itself to liquidators. 

 

Two companies specializing in distressed companies, Najafi Cos. and Gores Group (see “Another Turnaround Investor Circling Borders”), have expressed interest in Borders. Borders hopes to designate a stalking horse bidder by July 1st.