It looks like all Borders Group stores that faced the possibility of being forced to hold closing sales next week will get more time. In a statement filed with the bankruptcy court Wednesday, the company said that it has reached an agreement in principle with its lenders and the creditors committee on an amendment that would alleviate the need to hold store closing sales at outlets where no agreement had been reached to extend lease negotiations.
Borders said it expects to finalize the agreement soon and has called off plans to hire a liquidator to conduct the sales. Initially, Borders faced the possibility of closing 51 stores, many of them among their most profitable, but had cut the number to 40.
