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Borders could cease to exist by the end of next week although the retailer's lawyer said it has received other inquiries that could result in a takeover.
On Wednesday a committee of unsecured creditors rejected a takeover proposal by private equity firm Najafi Companies. They argued a court-supervised liquidation sale would be more beneficial to them.
The next seven days is crucial for the chain. According to Publishers Weekly, Borders lawyer Andrew Glenn said he hoped a last-minute bid to trade it as a going concern would be filed by the 5pm deadline on 17th July.
He said: "This has been a case with many twists and turns. And the last 24 hours aren't any exceptions."
If no-one comes forward, Borders will sell its intellectual property, leases and other assets with Barnes & Noble linked to taking over some assets. If a bidder emerges, the sale approval hearing will take place on 21st July. The chain's liquidation must take place on or before 22nd July.
Borders' sale as a going concern must close by the 29th of this month.