Plaza Las Américas submits highest bid for Borders lease

Written by  //  September 13, 2011  //  Retail  //  No comments

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The Borders bookstore in Plaza Las Américas will close Wednesday. (Credit: © Mauricio Pascual)

A day before the last of the remaining Borders stores on the island is slated to close, Plaza Las Américas confirmed it has submitted the highest bid for the 34,000 square-foot prime location in the Hato Rey mall.

However, the court and Borders’ creditors committee must still accept the proposal, which reportedly outbid two other offers including one submitted several weeks ago by entrepreneur Amaury Rivera, who was heading a group of investors interested in setting up a new bookstore at the mall.

“Until we receive confirmation that our bid is accepted as the winner, we don’t want to confirm that we have retained the space,” said Rafael Ruiz-Comas, Plaza Las Américas’ corporate leasing director. “However, we reiterate our interest to have a new a bookstore in Plaza in the near future.”

Borders is closing its doors for good Wednesday, ending a 10-year presence at the mall. Management has yet to decide what it will do with the space once it is vacated.

The U.S. Bankruptcy Court and the creditors are expected to confirm the winning bid during a hearing Sept. 20. That is when it will be known whether Plaza will retain control of the space, or if a third-party will be awarded the bid.

In any case, Ruiz-Comas said the mall is “we are more than willing to talk to any company interested in this category to identify the right space for the concept to be successful,” he said.

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