Borders, the bankrupt bookstore chain, has reached agreements with landlords to extend leases on 11 stores it had listed for possible closure, and it said it's in talks with creditors that could delay any going-out-of-business sales.
The chain, which filed for Chapter 11 bankruptcy protection in February, told the court last week that it might have to liquidate 51 stores to meet conditions for its financing. But it said it was working to keep them open.
Now Borders Group has 40 stores left on that list. But the company said in documents filed Wednesday with the U.S. Bankruptcy Court in the Southern District of New York that it is continuing to negotiate with landlords and that the number will likely shrink.
The 11 stores with new lease extensions are in Massachusetts, Michigan, North Carolina, Connecticut, Maryland, Illinois, and New York. Stores at the Arlington Highlands shopping center and at Dallas/Fort Worth Airport in Tarrant County remain among the 40 still seeking new lease agreements.
Borders canceled an auction to select a liquidator, that was set for Monday, because of the discussions with creditors. A court hearing is still scheduled for Monday.
Borders had 642 stores before it entered bankruptcy and has closed 228, leaving just over 400 in operation. Two of the closed stores were in Burleson and Colleyville, and five others were in the Metroplex.
Earlier this month, the Ann Arbor, Mich., company said it was negotiating to sell some or all of its stores and could file a plan for that process within a few weeks.
Borders, which started in 1971, helped pioneer the book superstore concept along with Barnes & Noble but was brought down by heightened competition from discounters and online booksellers.
The chain, which filed for Chapter 11 bankruptcy protection in February, told the court last week that it might have to liquidate 51 stores to meet conditions for its financing. But it said it was working to keep them open.
Now Borders Group has 40 stores left on that list. But the company said in documents filed Wednesday with the U.S. Bankruptcy Court in the Southern District of New York that it is continuing to negotiate with landlords and that the number will likely shrink.
The 11 stores with new lease extensions are in Massachusetts, Michigan, North Carolina, Connecticut, Maryland, Illinois, and New York. Stores at the Arlington Highlands shopping center and at Dallas/Fort Worth Airport in Tarrant County remain among the 40 still seeking new lease agreements.
Borders had 642 stores before it entered bankruptcy and has closed 228, leaving just over 400 in operation. Two of the closed stores were in Burleson and Colleyville, and five others were in the Metroplex.
Earlier this month, the Ann Arbor, Mich., company said it was negotiating to sell some or all of its stores and could file a plan for that process within a few weeks.
Borders, which started in 1971, helped pioneer the book superstore concept along with Barnes & Noble but was brought down by heightened competition from discounters and online booksellers.
