As promised, Borders continues to whittle away at the number of stores it may need to close because of an inability to reach agreements to extend lease negotiations. From the original list of 51 outlets, the number of stores that face possible closure now stands at 40. In a motion made Tuesday, Borders revealed the locations of six more outlets granted a reprieve, including two more airport stores.
Two stores in the Baltimore/Washington International Airport have been taken off the closed list along with a store in Swampscott, Md. The store in the Rye Ridge Shopping Center in Port Chester, N.Y. as well as the Cross Count Mall outlet in Mattoon, Ill. also have more time to negotiate new leases.
Separately, a host of companies joined BDO and Lowenstein Sandler in making applications for payment for services during the February through April period. Among them was Jeffries & Company which is Borders’s investment banker. As part of its functions, Jeffries reported that it meet with over 80 parties to discuss possible interest in buying assets of the company or about supplying new financing. Its bill for its services was $459,505.82 plus $17,615.94 in expenses.
In a note on Jeffries’ eligibility to receive $5.5 million for the successful restructuring of Borders, the sale of Borders’ kiosk, airport stores and Kobo businesses do not represent a restructuring.