Borders on Brink of Bankruptcy

Chain expected to slash up to 200 stores
By Rob Quinn,  Newser Staff
Posted Feb 2, 2011 1:22 AM CST
Borders disclosed late last year that lenders had cut its borrowing capacity and it was seeking replacement credit.   (AP Photo/Michael Dwyer, File)

(Newser) – Struggling bookstore chain Borders may file for bankruptcy protection as early as next week, sources tell Bloomberg. The chain is still looking at its options for restructuring ahead of a bankruptcy filing, and is considering closing up to 200 of its 650 stores, the sources say. The chain, which was slow to embrace digital reading has posted almost $800 million in losses since 2006. Analysts named it among 10 companies unlikely to make it to 2012. Click here for that story.
(Read more Borders stories.)

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