24 Nov '11, 1am

Greater chance now that Borders staff & gift card holders will get the money they are owed

Greater chance now that Borders staff & gift card holders will get the money they are owed

There is now a greater chance that staff of failed bookstore chain Borders Singapore and holders of its gift cards will get the money they are owed. -- PHOTO: LIM SIN THAI There is now a greater chance that staff of failed bookstore chain Borders Singapore and holders of its gift cards will get the money they are owed. REDgroup Retail, which owned Borders' operations here, is letting a A$2.5 million (S$3.2 million) debt it is owed go to other creditors instead. The money will first go to staff, and the remainder to gift card holders. The Australian company extended that amount as a loan to Borders Singapore to 'assist its working capital requirements', according to letters sent to gift card holders on Wednesday. Mr Tim Reid, the judicial manager of Borders Singapore, sent letters to 2,110 of the company's registered gift card holders, who hold 3,933 gift cards among them. ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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