Borders Bankruptcy Bound?
Shares of the bookseller are tumbling 17.2% to 39 cents in pre-market trading, after Bloomberg reported late Tuesday that the company will close at least 150 stores. And according to sources familiar with the matter, private-equity firms are debating whether or not to provide a junior loan to the company.
On Monday Borders said it is once again delaying January payments to publishers as it looks to protect its liquidity. It made the same announcement at the end of December.This comes on the heels of Borders receiving a $550 million conditional commitment from GE Capital. Since the beginning of the New Year, Borders has laid off employees, announced plans to shutter a distribution center, said it would sell off its calendar business and lost two top executives. --Written by Jeanine Poggi in New York.
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