Borders hopes to name bidder by July 1

New York City -- Borders Group hopes to name a bidder by July 1 and sell itself by the end of that month, according to bankruptcy court filings, the Associated Press reported. Forty stores previously targeted for closing are also getting a temporary reprieve.

The retailer said in papers filed Friday it plans to name a "stalking horse" bidder by July 1. The company said an auction is likely on July 19, with a sale hearing on July 22 and sale closing on July 29.

Borders also said a financing condition has also been amended that required it to close 40 of its 400 remaining stores because it had not reached lease-extension agreements with landlords. The chain will not shutter the locations only if a sale does not occur by the end of July, the Associated Press said.

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