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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 This material may not be published, broadcast, rewritten or redistributed.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 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

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