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Borders Discloses Offer For Inventory & Leases for Approximately 30 Stores

07/18/11

Follow @Chapter11Cases In its court filing this afternoon formally announcing the cancellation of tomorrow’s auction, Borders Group, Inc. disclosed that it “received a bid from a non-insider to purchase the inventory, furniture, fixtures, equipment and leases for approximately thirty (30) stores.”  Multiple news organizations have reported that Borders was in discussions yesterday with Books-A-Million (BAMM) on a [...]

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Borders Group (BGPIQ) Appears to Give Up Hope of Going Concern Sale

07/18/11

Follow @Chapter11Cases Borders Group, Inc. (BGPIQ.PK) announced this afternoon that “it did not require” the auction which was scheduled for tomorrow afternoon because it did not receive a “formal proposal from a going concern bidder.”  The company had received a stalking horse bid from Direct Brands, a portfolio company of Najafi Companies, which offered hope [...]

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Former Wilkes Bashford Company Asks Court to Convert Bankruptcy to Chapter 7, Remaining Unsecured Creditors Likely to Receive Less than 1% Recovery

06/21/11

Summary: Last Thursday, TWBC, Inc. filed a motion asking the bankruptcy court in San Francisco to convert its chapter 11 bankruptcy case to chapter 7.  The company was formerly known as The Wilkes Bashford Company and operated a chain of high-end luxury retail stores in Northern California for over 30 years.  However, Wilkes Bashford’s sales [...]

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