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VOL. 126 | NO. 30 | Monday, February 14, 2011

Report: Borders Bankruptcy Filing Likely Next Week

AP

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NEW YORK (AP) – 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.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 32 344 10,222
MORTGAGES 52 452 13,327
FORECLOSURE NOTICES 30 106 2,644
BUILDING PERMITS 0 783 24,307
BANKRUPTCIES 60 359 9,892
BUSINESS LICENSES 23 133 3,736
UTILITY CONNECTIONS 76 595 14,558
MARRIAGE LICENSES 23 104 3,167

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