Tuesday a judge granted Borders a 90-day extension to determine how many additional stores it will close as it reorganizes under bankruptcy protection.
Borders said in February, that it planned to close 200 stores. It now seeks to close up to 75 more, although the number is likely to be closer to 20 to 25, Borders spokeswoman Mary Davis said.
The Ann Arbor, Mich., company will receive more time to negotiate with landlords, confirmed Borders Attorney David Friedman. The 90-day extension gives it until Sept. 14.
Borders hopes to have a formal reorganization plan to present to its creditors by early April and plans to exit bankruptcy in August or September.
Traditional book sellers are facing tough competition from online sites and discounters. The No. 2 U.S. bookseller is attempting to reorganize so it can emerge from bankruptcy protection a smaller and profitable company.
Read more: Star Telegram
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