Borders Group Inc's (BGPIQ.PK) plan to sell customer information to former rival Barnes & Noble Inc (BKS.N) hit a snag on Thursday when a judge raised questions about the company's privacy policy. Bankruptcy Judge Martin Glenn said at a hearing he needed more time to decide whether the policy covers longer-standing customers and whether certain customers must give their consent before the sale can close. Barnes & Noble won the bulk of Borders' intellectual property assets at auction last week, agreeing to pay $13.9 million. Among other assets, the company would inherit information about customers of its one-time rival, which is going out of business after filing for bankruptcy in February. While Borders' current privacy policy, implemented in May 2008, makes clear customer information can be sold, questions remain as to whether customers who joined Borders' database before then are subject to the policy and whether they must consent to a sale.
Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS traded higher by 3.08% or $0.34/share to $11.38. In the past year, the shares have traded as low as $8.45 and as high as $21.06. On average, 1094270 shares of BKS exchange hands on a given day and today's volume is recorded at 919609.
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