Borders Group Inc. inched closer to liquidation Sunday after a bidding deadline passed without offers that would keep the U.S.’s second-largest bookstore chain in business, said people familiar with the matter.
Bids for Borders were due at 5:00 p.m. EDT Sunday ahead of a bankruptcy-court auction scheduled for Tuesday.
Still, Borders is likely to entertain offers right up until the scheduled auction in the hopes a white knight will emerge to save the chain.
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