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Mon May 30, 2011
Borders prepares for important bankruptcy court date this week
Attorneys for Borders will be back in court this week asking a judge to give the troubled Ann Arbor-based book store chain more time to exit bankruptcy protection. When Borders filed for bankruptcy protection in February, the hope was the bookstore chain would be able to quickly turn itself around. That apparently isn’t happening.
This week, Borders will ask a federal bankruptcy judge to give it more time to control its own bankruptcy case. Currently, Borders only has two weeks left to file its reorganization plan. But it is asking the judge to give it until October.
Last week, Borders creditors filed their objections to the extension request, citing the Ann Arbor-based bookstore chain’s disappointing financial numbers since the bankruptcy filing.
Borders has reportedly continued to lose tens of millions of dollars since filing for bankruptcy protection.
Borders has closed more than 200 bookstores and may dump more of its assets as it tries to survive.