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Here in Vegas BN has mediocre locations and Borders had the best in Town Center.
I would not be surprised to discover that BN is already in discussions to take over the lease.
Let's say the top 20-30% in sales per store are not shut down but rather have the leases assigned to BN. What dragged Borders down were too many unprofitable stores.
The best time to pick up a deal on a location acquisition is during the liquidation. Why is everybody assuming that bids for 20 or 30 stores grouped together won't come in? It is possible that the other bidders will try to pick up the best locations. We just don't know what percentage of the Borders stores were profitable.
Under the Bankruptcy Code, the Trustee, or debtor in possession, has the ability to assume and assign the underlying leases. The building owner does not have the ability to stop the assignment.
The major mall owners will be setting out the welcome mat to BN, which will never again have an opportunity like this.
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