The parent company of Tattered Cover had an auction scheduled for Wednesday to find a new owner for Denver’s beloved independent bookstore — but that won’t happen.

The board of Bended Page LLC met on Tuesday morning and decided to cancel the auction Wednesday to allow more time to discuss with interested buyers, Tattered Cover spokesperson Steven Silvers told the Denver Gazette via email.

The company could still have an auction at a later date but it “may not be needed,” he said.

Tattered Cover has been under bankruptcy since last year after struggling to recover from pandemic shutdowns and online competition. It was beginning to carve a reorganization plan until Bended Page pivoted to seek bids from potential buyers.

“This supports the company’s strategic direction toward achieving the best possible outcome for the future of Tattered Cover,” Silvers said about the auction’s postponement.

It’s not known who’s interested in buying the Denver bookstore chain founded in 1971 because of confidentiality agreements — but court documents show the company has gotten interest from publishing industry connections, local figures and parties from out of state.

There may be eight or more parties who expressed interest in bidding in the auction, according to court filings from May 15.

If Tattered Cover is sold to an out-of-state party, it would end the chain’s 53-year history of being locally-owned.

But management with Bended Page have stated its committed to finding an owner who upholds the independent bookstore’s legacy of protecting freedom of speech under the First Amendment as championed by former owner and advocate Joyce Meskis.

Tattered Cover closed three stores in Westminster, Colorado Springs and downtown Denver’s McGregor Square when it filed for bankruptcy. The company still has four stores open in Aurora, Littleton and Denver’s Union Station and Colfax Avenue.

The company spokesperson said discussions have been “positive” and all parties are taking the sale seriously.

Now it’s unclear how long it could take and when Tattered Cover will eventually find a new owner — or if it even will.

“We remain quite hopeful that Tattered Cover is going to secure new ownership that believes in its mission and values,” the spokesperson said.