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Borders Chain Seeking Deal to Avoid Store Closures
posted on by Andrew Osmond
According to The Wall Street Journal website, Borders has reached a tentative deal with bankruptcy lenders to avoid closing more than three dozen stores. A judge would still have to approve the changes.
The report also says that, "Borders said it engaged in extensive negotiations with lenders and its official creditors committee to modify the company's financing agreement. The creditors committee includes large publishers, landlords and others."
In recent days, Borders has reprieved eleven of its outlets which were due to close, but had still been preparing to close 40 stores this summer. Borders has now closed more than a third of its stores, leaving it with a little more than 400 outlets, according a recent company tally.
Source: Wall Street Journal
