NEW YORK, Feb. 17, 2011 /PRNewswire via COMTEX/ — Borders Group, Inc. today announced that the U.S. Bankruptcy Court for the Southern District of New York has approved its previously-disclosed strategic Store Reduction Program to facilitate its reorganization and repositioning. Borders said that it has entered into agreements with experienced liquidators to conduct an orderly wind down of the 200 underperforming stores that are part of the program. Borders expects these stores to be closed
Continue reading: Borders Receives Court Approval for Store Reduction Program
By MIKE SPECTOR And JEFFREY A. TRACHTENBERG
Borders Group Inc. is in the final stages of preparing a bankruptcy filing after failing to persuade publishers and others to go along with a plan to refinance the troubled bookstore chain’s debt.
The Ann Arbor, Mich., bookseller could file for Chapter 11 bankruptcy protection as soon as Monday or Tuesday, said people familiar with the matter, paving the way for the closure of about 200 stores and thousands of
Continue reading: WSJ: Borders Preparing for Bankruptcy Filing
GE Capital, Restructuring Finance Provides Commitment for $550 Million Senior Secured Credit Facility
Refinancing Commitment Supports Borders’ Strategy to Reposition Its Business and Brand for the Long Term
ANN ARBOR, Mich., Jan. 27, 2011 /PRNewswire via COMTEX/ — Borders Group, Inc. (NYSE: BGP) today announced that it has received a commitment from GE Capital, Restructuring Finance to provide a $550 million senior secured credit facility that, upon completion, including the obtaining of $125 million of additional junior
Continue reading: Borders Receives Refinancing Commitment from GE Capital
Bookseller Says It Continues Efforts to Refinance Debt to Ensure Liquidity; Shipments of Fresh Inventory in Question
By JEFFREY A. TRACHTENBERG
In an ominous turn of events for the book business, Borders Group Inc. said Thursday it is delaying payments to some publishers, a sign that its financial troubles are worsening.
The nation’s second-largest bookstore chain by revenue, behind Barnes & Noble Inc., said the delays were part of its efforts to refinance its debt and
Continue reading: Borders Delays Payments to Publishers
ANN ARBOR, Mich., Dec. 9, 2010 /PRNewswire via COMTEX/ — Borders Group, Inc. (NYSE: BGP) today reported results for its third quarter ended October 30, 2010 and the undertaking of important steps in its brand transformation process. Results include:
Third quarter sales were $470.9 million, a decrease of 17.6% from the same period a year ago. Comparable store sales declined by 12.6%.
The Digital and Kids Toys and Games categories outperformed all other categories, with
Continue reading: Borders Group Reports Third Quarter 2010 Results
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