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Borders in Talks to Sell Half Its Stores

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Borders, which filed for Chapter 11 bankruptcy in February, may have found a buyer in the Gores Group. The Los Angeles-based private equity firm is reportedly in talks to acquire at least half of remaining Borders stores for around $200 million.

While Borders has held talks with other potential buyers, the Gores Group is the current focus of the company's plans. But no deal is imminent, said a source familiar with the situation.

The Gores Group is used to working with distressed investments. It is run by Alec Gores, whose brother Tom also runs a turnaround-focused buyout shop, Platinum Equity, which recently made a deal for the Detroit Pistons. The Gores Group's investment portfolio includes the radio operator Westwood One and media distributor Alliance Entertainment.

Borders is negotiating with publishers, its largest creditors, in hopes of emerging from bankruptcy protection before the holiday shopping season. But creditors are not pleased that Borders has yet to file a reorganization plan.

 

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