News
Borders's Final Balance Sheet Listed Before Liquidation
posted on by Andrew Osmond
The industry news source Publishers Weekly reported on Borders' final balance sheet before the company's liquidation begins. Between May 29 and June 25, Borders's losses were US$1.5 million; not counting gains from reorganization items and income taxes, they would have been US$20.6 million. Borders's inventory was worth US$431.7 million, total assets worth US$696.5 million, and total liabilities worth US$1 billion.
Nearly 11,000 rank-and-file employees will lose their jobs during the coming weeks. Publishers Weekly notes that Borders' key executives Scott Henry (executive vice-president and CFO), Glen Tomaszewski (vice-president, chief accounting officer and controller), and Michele Cloutier (executive vice-president and chief merchandising officer) were each paid US$50,000 as part of court-approved signing and transition incentives.
Source: Publishers Weekly
