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Borders Books' Landlords Oppose Auction Timetable
posted on by Andrew Osmond
Landlords for about 50 Borders bookstore locations have objected to the schedule for the company's auction, currently scheduled for July 19. The landlords have also claimed that Borders' stalking horse bidder — a new subsidiary of Direct Brands called BB Brands, LLC — lacks guarantees. Furthermore, they argue that even if the stalking horse bid is successful, there is no assurance that BB Brands, LLC, will operate any of the surviving Borders stories.
The landlords also argue that Borders's schedule means they will not have advance notice regarding whether a particular lease will be assumed or denied. They also want to be present at the auction.
Borders's proposed schedule calls for a sale procedures hearing on July 14. The deadline for bids is on July 17, with the auction following on July 19. There will be a proposed sale hearing on July 21; July 22 is the deadline to designate leases for assumption and assignment.
Source: Publisher's Weekly
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