06 Sep '11, 5am

Borders bookstore placed under judicial management for 6 months by High Court

Borders bookstore placed under judicial management for 6 months by High Court

Borders bookstore was placed under judicial management for six months on Tuesday by the High Court. -- ST PHOTO: LIM SIN THAI By Selina Lum Borders bookstore was placed under judicial management for six months on Tuesday by the High Court. Lawyers for the bookstore on Tuesday told the High Court that there was a real prospect of saving the business or part of the business. It was revealed that Borders has been in talks to release it from a A$2.5 million loan from its parent company, REDgroup Retail. It had also been in negotiations with its landlords at Wheelock Place and Parkway Parade to reduce rent. There were also discussions to sell the company or its assets to Popular bookstore. Borders' lawyer, Mr Andrew Chan, said that the parent company is willing to grant a release provided Borders is placed in judicial management. Please enable JavaScript to view the comments po...

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

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