Borders seeking more financing as prospect of liquidation remains
Ann Arbor-based Borders Group Inc. wants to secure additional financing, get more favorable deals with publishers or find a buyer to avoid the possibility that the book store chain will have to liquidate, Bloomberg is reporting this morning.
Borders is seeking new financing, Bloomberg reported.
The news comes as several reports have indicated that publishers are privately skeptical of Borders' ability to achieve a sustainable business model.
Some experts are similarly skeptical of Borders' ability to dodge liquidation.
The company is closing 226 superstores as part of its reorganization and is simultaneously considering a move out of Ann Arbor. The company employs close to 500 workers at its headquarters.
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Comments
towny
Fri, Apr 22, 2011 : 1:50 a.m.
To little to late. Last one out turn off the lights. Finest example of bad management. Lost me at executive bonuses.
Macabre Sunset
Thu, Apr 21, 2011 : 6:52 p.m.
Or maybe it's time to stop beating a dead bookstore chain. Not even Jacklyn Smith could revive it right now.
rs
Thu, Apr 21, 2011 : 5:29 p.m.
They should ask AlixPartners for a loan.
Brian M.
Thu, Apr 21, 2011 : 4:33 p.m.
I have a hard time believing they'll be able to convince anyone that $50m is going to be a profitable investment any time soon. Their best bet is probably someone who already has a stake in their survival.
alan
Thu, Apr 21, 2011 : 4:23 p.m.
Yet they want to pay 10M in executive bonuses?
jcj
Thu, Apr 21, 2011 : 3:52 p.m.
No Problem here! Let me run to the bank and get a cashiers check! On second thought I think I will just flush the check down the toilet. Anyone that has enough loose screws to invest in this sinking ship should be wearing a straight jacket.