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Tuesday, February 1, 2011

Borders Groups in preparations for bankruptcy filing, impacting Michigan and Nationwide employees

Borders Books at 1807 Fordham Boulevard in Cha...Image via Wikipedia
Ann Arbor. Michigan based Borders
prepared for a possible bankruptcy
filing that would their impact
S.E. Michigan and nationwide
employees.

Ann Arbor, Michigan based book store chain Borders Group Inc. is preparing a possible bankruptcy filing, according Ann Arbor.com.
Borders stock plunged today on the news. Shares fell 35.6 percent to close at $0.47, a new 52-week low, and the stock was hovering around $0.36 in afterkmarket trading.
A Chapter 11 bankruptcy filing would give Borders a shot at reducing its costly lease footprint. Bloomberg reported to Ann Arbor.com that the firm's bankruptcy proposal would involve the closure of about 150 of its 500 superstores, laying off employees nationwide, including in Michigan.
One of the other results of a bankruptcy for Borders shareholders, is that stock equity would probably be depleted, leaving unsecured creditors with next to nothing and raising the possibly of liquidation of the remaining properties, retail locations inventory and other remaining assets
Borders, employs about 550 workers at its Southeastern Michigan headquarters in Ann Arbor and operates three superstores in the county. The retailer has been delaying payments to landlords, publishers and other parties in an attempt to save cash.
Read the entire story on the possible bankruptcy filing by Borders, at Ann Arbor.com.


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