Report: Borders bankruptcy filing likely next week
NEW YORK (AP) - February 11, 2011 (WPVI) -- Borders Group may file for bankruptcy reorganization as early as Monday or Tuesday, according to a report in the Wall Street Journal.
The No. 2 traditional bookstore in the U.S. also plans to close about 200 of its 674 stores and cut thousands of jobs, the newspaper reported, citing sources it did not name.
A Borders spokeswoman says the company is not prepared to report on the course of action it will pursue.
Big-box bookstores such as Borders Group Inc. have struggled to adapt as more books are sold online, in electronic form and at grocery stores or discounters such as Walmart.
Borders received a commitment for a $550 million credit line from GE Capital in January. But it said at the time it was still considering an in-court restructuring.
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