Barnes & Noble made the top initial bid for the Tattered Cover, Denver, Colo., BusinessDen reported, citing "a source familiar with the process." As BusinessDen put it, "No bid has been approved and Barnes & Noble could still lose out or back out. But if approved by the company's board of directors and a U.S. Bankruptcy Court judge, the sale is sure to send shockwaves through the nation's publishing and bookselling industries."
Tattered Cover, which filed for bankruptcy last fall, is in the middle of a process to sell the company. It had scheduled an auction for yesterday, but cancelled it on Tuesday.