Report: Borders Aims for Summer Exit from Bankruptcy
14 Mar, 2011 By: Chris Tribbey
Borders Group aims to exit bankruptcy protection by the end of summer, with as many as 75 more of its stores closing, according to a report by the Wall Street Journal.
Roughly 200 stores were already on the chopping block after Borders filed for bankruptcy Feb. 16, and the number of additional closings could be as low as 25, company president Mike Edwards told the paper.
"You've got a window, and you have to move decisively," he said.
However, according to the Journal, Borders will either have to secure more financing by the end of summer to place orders for the holiday season, or sell itself by June.
"We are confident that we have negotiated the best financing for our situation," Edwards told the paper.
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