Borders Group Inc inched closer to liquidation on Sunday after a bidding deadline passed without offers, the Wall Street Journal said, citing people familiar with the matter.
Bids for the second-largest U.S. book store retailer Borders were due at 5 p.m. Eastern Time Sunday ahead of a bankruptcy court auction scheduled for Tuesday, the paper said.
Last week, a bankruptcy judge had approved a plan to liquidate Borders after a sale to private equity firm Najafi Cos fell apart.
Borders filed for bankruptcy in February after struggling for years to compete with larger rival Barnes & Noble Inc and Amazon.com Inc as more consumers bought books through the Web. Online sales account for a tiny fraction of Borders sales.
Borders declined to comment to Reuters on the WSJ report.
(Reporting by Sakthi Prasad; Editing by Anshuman Daga)
Copyright 2011 Thomson Reuters. Click for Restrictions.
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