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Borders extends leases on 11 stores

New York City -- Borders Group has reached agreements with its landlords to extend the leases on 11 stores it had previously asked a bankruptcy court to shutter, the Associated Press reported.

Last week, the chain asked permission to start liquidating 51 stores because of a condition for its financing. But it said at the time it was actively working to keep them open.

Borders now has 40 stores remaining on last week's closing list. However, company said in documents filed Wednesday with the U.S. Bankruptcy Court in the Southern District of New York that it is continuing to negotiate with landlords and that number will likely shrink, according to the report.

Borders also canceled an auction to select a liquidator for those stores because it is in talks with its creditors to eliminate the financing condition that requires it to close the stores.

A hearing on the matter will be held June 20

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