AI
Wednesday, February 16, 2011 1:02:24 PM
beautiful girls, Borders files for Chapter 11 bankruptcy, will close 194 stores
Borders Group Inc. filed for Chapter 11 bankruptcy protection this morning after five years of turnaround efforts failed to return the Ann Arbor-based bookseller to health.
The nation’s second-largest bookseller said it would close 30% of its stores, or about 194 in the coming weeks. There are 32 stores in Michigan.
It received $505 million in debtor in possession financing lead by GE Capital, Borders said in the filing in the U.S. Bankruptcy Court, Southern District of New York. That was the same court that handled the fast-track bankruptcies for General Motors and Chrysler.
Borders listed $1.27 billion in assets and $1.29 billion in liabilities in its Chapter 11 filing. It has fewer than 50 creditors, mostly publishers. The top creditor is Penguin Putnam, which is owed $41.1 million.
http://www.freep.com/article/20110216/BUSINESS06/110216008/Borders-files-Chapter-11-bankruptcy-will-close-194-stores
Borders Group Inc. filed for Chapter 11 bankruptcy protection this morning after five years of turnaround efforts failed to return the Ann Arbor-based bookseller to health.
The nation’s second-largest bookseller said it would close 30% of its stores, or about 194 in the coming weeks. There are 32 stores in Michigan.
It received $505 million in debtor in possession financing lead by GE Capital, Borders said in the filing in the U.S. Bankruptcy Court, Southern District of New York. That was the same court that handled the fast-track bankruptcies for General Motors and Chrysler.
Borders listed $1.27 billion in assets and $1.29 billion in liabilities in its Chapter 11 filing. It has fewer than 50 creditors, mostly publishers. The top creditor is Penguin Putnam, which is owed $41.1 million.
http://www.freep.com/article/20110216/BUSINESS06/110216008/Borders-files-Chapter-11-bankruptcy-will-close-194-stores
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