Borders Bookstore Bankrupt!
By “Bad” Brad Berkwitt
Bloomberg is reporting that the Borders will close at least 150 stores and according to sources familiar with the company, private equity firms are discussing whether or not to provide a lifeline in the way of a loan to the company.
Borders is once again, holding January payments to publishers as it looks to protect its liquidity. This past December, it made the same announcement. This comes after receiving a $550 million conditional commitment from GE Capital.
Since early January of this year, Borders has let go of many employees and announced plans to close a distribution center, sell off its calender business and released two top executives.
Only time will tell if Borders can stay afloat, but hopefully so because their bookstores have always been a place I like to visit.