16 Feb '11, 2pm

US book chain Borders files for bankruptcy

US book chain Borders files for bankruptcy

WASHINGTON: US bookstore chain Borders announced Wednesday that it has filed for bankruptcy protection from its creditors so that it can reorganize and re-emerge as "a stronger and more vibrant book seller." "It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company's lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term," Borders president Mike Edwards said in a statement. "To position Borders to remedy this condition, Borders Group, with the authorization of its board of directors, has filed a petition for reorganization relief under Chapter 11 of the Bankruptcy Code," h...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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