12 Feb '11, 5am

Borders nearing backruptcy filing (via ST iPhone App)

Borders nearing backruptcy filing (via ST iPhone App)

A company with humble beginnings that helped change the way Americans buy books failed to keep pace with the digital transformation rocking every corner of the media landscape. -- PHOTO: AP ACCORDING to The Wall Street Journal on Saturday, Borders Group Inc is in the final stages of preparing a bankruptcy filing. A company with humble beginnings that helped change the way Americans buy books failed to keep pace with the digital transformation rocking every corner of the media landscape. The troubled Ann Arbor, Michigan, bookseller could file for Chapter 11 bankruptcy-protection as soon as Monday or Tuesday, paving the way for hundreds of store closings and thousands of job losses, said people familiar with the matter. Borders has abandoned efforts to refinance its debts, and is preparing bankruptcy papers and seeking financing agreements that would keep it operating during...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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