Ann Arbor, Mich. – Bookseller and media retail store chain
Borders Group (NYSE: BGP) on Wednesday filed for Ch. 11 bankruptcy protections, which
president Mike Edwards said "will give Borders the opportunity to achieve
a proper infusion of capital in order to have the opportunity to have the time
to reorganize in order to reposition itself to be a successful business for the
long term." Borders plans to shutter around 200 underperforming stores, or
about 30% of its total network, in the next several weeks — affecting some
6,000 layoffs.
The company said it has secured $505 million in
debtor-in-possession financing, led by GE Capital, to help meet its obligations
during the reorganization process.
Borders listed $1.28 billion in assets and $1.29
billion in liabilities as of Dec. 25
Related Links:
http://www.bordersreorganization.com
