Book retailer Borders Group Inc., which is shuttering hundreds of stores in a bid to stay alive, is seeking bankruptcy court approval to hand out more than $8 million in executive bonuses, including nearly $1.7 million to President Mike Edwards. Get the full story »
Borders
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Liquidation sales begin at 26 new Borders stores
A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Liquidation sales have begun at 26 Borders stores in 14 states that are slated to close in late May, including an outlet in Wilmette.
Similar sales are already under way at the 200 Borders stores that are scheduled to close by the end of April, as the troubled bookstore chain reorganizes under Chapter 11 protection. Get the full story »
Borders plans liquidation sales at closing stores
Borders is planning liquidation sales in the 200 stores it is shutting down as part of its Chapter 11 bankruptcy filing.
“There will be opportunities for liquidation-type sales,” Borders spokesman Donald Cutler said Thursday. “Specifications about them will be revealed in the coming days and weeks.” Get the full story »
Judge approves Borders gift card plan
Gift cards at a Borders bookstore in Washington. (Nicholas Kamm/AFP/Getty Images)
A judge late Wednesday granted Borders Group approval on an interim basis to use $400 million of the $505 million in financing it has been offered to pay its vendors back and keep its business going, including honoring its loyalty program and gift cards.
The decision is the start of a lengthy and difficult process for Borders, which filed for bankruptcy protection on Wednesday. The No. 2 U.S. bookseller is attempting to successfully reorganize so it can emerge from bankruptcy protection a smaller and profitable company.
Borders is accepting bids in an auction for companies to run its store closings and clearance sales. Get the full story »
Nearly half of Chicago-area Borders to close
The Borders at North and Halsted in Chicago will close. (Brian Cassella/Chicago Tribune)
Borders Group Inc. plans to close almost half of its stores in the Chicago area as part of its proposed Chapter 11 bankruptcy protection, according to a Wednesday filing in U.S. Bankruptcy Court in New York.
According to the Borders Web site, the bookseller has about 30 stores in Chicago and its suburbs, including a few Indiana locations.
In Chicago, five of eight stores will close, including the one at North Avenue and Halsted Street, as well as those in Lincoln Park, Uptown, Lincoln Village and Beverly. The Hyde Park store is already in the process of closing and will shut its doors on March 7. This means the only Borders superstore left in the city will be in the Loop. A Borders-owned Waldenbooks in Citicorp Center will also remain open. Get the full story »
Borders files for Chapter 11 bankruptcy
A Borders at the corner of Pearson and Michigan Ave. in Chicago, which closed in January of 2011. (Heather Charles/Tribune)
Borders Group Inc. filed for bankruptcy protection and said it planned to close nearly one-third of its bookstores, after years of shriveling sales that made it impossible to manage its crushing debt load.
The long-expected Chapter 11 filing will give the second-largest U.S. bookstore chain a chance to fix its finances and shrink its business at a time when buyers are increasingly going online rather than visiting megastores. The bankruptcy could help larger rival Barnes & Noble Inc, which also is struggling, by reducing the number of competing stores. Get the full story »
Report: Borders preparing Chapter 11 filing
Bookseller Borders Group Inc. could file for bankruptcy as soon as Monday or Tuesday, the Wall Street Journal reported Friday, citing people familiar with the matter. Get the full story »
GE Capital tosses Borders a $550M lifeline
Borders Group has received a commitment for a $550 million credit line from GE Capital, a lifeline that will help the struggling bookseller pay its vendors and stay afloat – but it indicated that bankruptcy protection might still be an option.
Its shares jumped 28 percent in after-hours trading on the news. Get the full story »
Ackman would finance bid for Barnes & Noble
Hedge fund manager William Ackman is raising his wager on bookseller Borders Group Inc, offering to help it buy larger rival Barnes & Noble Inc for $963.7 million. Get the full story »
Borders launches online e-book store
Borders Group Inc. has launched its e-bookstore as it tries to catch up to competitors who have a head-start in a small but growing market that’s seen as the future of the book industry.
The company said Wednesday its goal with the new store and e-reader is to take 17 percent of the electronic book market by next July. Amazon has the Kindle e-reader and Barnes & Noble Inc. has the Nook, and all the players are cutting prices to woo buyers.
