The Real Deal Miami

First Borders auction cancelled

August 31, 2011 01:17PM

The first auction for Borders stores scheduled for today was
cancelled after the company received two bids for a store in Georgia and
one qualified bid each for seven other stores slated for the first
auction round, according to a statement released by lawyers for
Borders yesterday. While there will be a telephone auction for that
store, the auction for the second round of stores is still
scheduled to take place Sept. 13. As previously reported, the
first group
contains mainly leases that must be assumed or broken by
Sept. 30, as well as leases for some smaller stores, while the second
group contains leases that do not fall into those categories.

According to information on the website of DJM Realty, which is
managing the liquidation, the first round included stores on Staten Island, Westchester, Long Island and in upstate New York, as well as in Port
Richey, Florida and in Tampa. The second round of stores includes
Superstore Borders locations including the 2 Penn Plaza location in
New York City and a location in Coral Gables in Florida. CNBC reported yesterday that a judge had cleared the way for Books-A-Million to take over 14 Borders stores in Connecticut, New Jersey and New England, among other locations. — Miranda
Neubauer