Bankruptcy Looms For Borders Group
ANN ARBOR (WWJ) Bankruptcy is definitely in the future for Ann Arbor based Borders Group, the nation’s second largest bookstore chain.
WWJ NewsRadio 950′s Ron Sanford reports that Borders may file for bankruptcy protection as soon as next week.
Crain’s Detroit Business reports that at least 150 of 650 stores will be closed but no projections have been made on how many employees will be laid off as a result.
Borders announced last month that payments to their publishers would be delayed in order to put together a credit package.
Borders has been promised a financial infusion that’s dependant on a program to close stores.
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