Borders recently filed a motion seeking permission to sell "substantially all of its assets" by July 29. Borders stated that if they fail to secure permission from the court, they will liquidate the chain as quickly as possible.

Under the proposed agreement, Borders would name a bidder by July 1, and plans to complete a sale by July 29. According to Borders, talks over the sale of the company gained "significant momentum" recently.

In addition, the company will close three stores:

• Ocean County Mall - Toms River, New Jersey
• Valley River Center - Eugene, Oregon
• McCarran Airport - Las Vegas, Nevada

The company also plans to liquidate ten small stores pending lease terminations. A hearing on the motion is scheduled for June 22 at 11:00AM.