Borders articles

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Borders US Files for Bankruptcy with $1.29 Billion Debts (Updated)

Borders US formally applied for bankruptcy under Chapter 11 protection in the New York courts this morning. Borders listed debts of $1.29 billion and assets of $1.275 billion in documentation lodged with the court. Unsecured creditors listed include many book publishers and distributors, estimated to be owed $230 million. [Publishers Weekly] UPDATE (5PM, GMT): Publishing

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Borders Group US Open e-Bookstore

This morning Borders Group USA opened the proverbial electronic doors on its new e-bookstore, entering a highly competitive market with rivals Barnes & Noble e-bookstore, the Amazon Kindle store and Apple’s iBookstore. The Borders e-bookstore is set to offer 1.5 million titles, including some free books, with Borders Inc. president, Mike Edwards, saying he hoped

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Borders Group Lifted By $25m Investment

Vector Group Ltd will invest $25 million in Borders Group US through a private purchase of 11.1 million shares of stock. The move is intended to develop and improve the Borders brand, which has experience a difficult period of trading over the past eighteen months. From today’s press release: “ANN ARBOR, Mich., May 21, 2010 /PRNewswire via

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Confirmed: GE Capital Secure Term Loan For Borders Group US Survival

Just released on the newswires: ANN ARBOR, Mich., March 31, 2010 /PRNewswire via COMTEX/ — Borders Group, Inc. today announced that it has entered into an amended and restated revolving credit agreement. The new, $700 million senior secured asset-based credit facility matures in March 2014 and replaces the company’s existing revolving credit agreement, which would

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Borders US Set To Make Fools’ Day Deadline

Borders Group US are facing D-day on April 1st. A substantial loan of $42.5m secured two years ago from Pershing Square Capital for the refurbishment of retail stores and an IT upgrade is due to be repaid on Thursday, this week. A number of reliable financial sources, including Bloomberg US, are reporting late Tuesday evening that a

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Canada’s Top Indie Retailer Files For Bankruptcy Protection

2009 brought an end to independent book retailer Borders UK and its 45 stores. On the eve of 2010, Canadian independent retailer McNally Robinson has filed for bankruptcy protection in the courts. The family-owned business has run bookstores in Canada since 1969 and they still remain hopeful of being allowed to commence financial restructuring to

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Borders To Close For Good Amid Hachette Court Action

The 45 Borders UK stores will close for good next Tuesday with it looking increasingly unlikely that administrator MCR will find a buyer for the book retailer. Events have become sadly acrimonious in the past week with Hachette Livre taking Borders/MCR to the courts because of non-payment of stock already sold by stores. Over the

Borders US Launches Ebooks With Shortcovers Partnership

While Borders UK stores will pull the shutters down on all of its stores next week, Borders in the US has invested in Shortcovers and that has resulted in the re-branding of the successful e-retailer. Shortcovers will now be curiously known as Kobo and they will power the new Borders ebook stores. Here is part

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Want A Bestseller, Teacup or Piano? – Borders UK Sell All

The closure of Borders 45 UK stores may be as soon as Christmas for most branches. In what has been clearly a difficult time for Borders staff – the latest reported by thebookseller – suggest that it is a case of anything for sale if it is not nailed down. ‘Want the latest best seller,

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