Borders Books Reported To Be On The Brink: Again
DETROIT (WWJ) We’ve heard this tune before, but here we go again: There’s yet another report that Ann Arbor-based bookseller Borders Group will declare bankruptcy.
The announcement could happen as early as Monday or Tuesday, according to the Wall Street Journal.
The report also says Borders plans to close about 200 of its 674 stores and eliminate thousands of jobs. The Journal quotes unnamed sources.
A Borders spokesman says the company isn’t commenting for now. For weeks, various publications have reported that Borders is readying a Chapter 11 filing.
Last month, Borders scored a 550 million-dollar line of credit from GE Capital.