Tag Archives: Borders Group Inc.
Barnes & Noble Expects Borders Shut-Down To Boost Them Up To $200 Million
Barnes & Noble, Inc. (NYSE:BKS) reported that they are expecting a sales boost of $150-$200 million due to the dissolution of Borders book stores. Barnes & Noble expects a sales increase at stores that are open at least a year to increase 2-3% during their 2012 fiscal year, which starts May 1. Barnes & Noble acknowledged the competition they saw from Borders to find discounts due to the closing of 399 stores.
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Borders Website May Live On Past The Bankruptcy
After the liquidation of Borders book stores are done due to the bankruptcy of the company, the website may live on. Borders Group Inc. is asking the U.S. Bankruptcy Court in the Southern District of New York to allow the company to pursue the sale of its brand name, website, and other I.P.
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Borders Liquidating All Remaining Stores [Note From President]
Borders Group, Inc. (PINK:BGPIQ) is shutting down their remaining 399 stores. All 11,000 remaining employees across the company will be laid off. The bid deadlines for the company passed.
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Borders Group Believed To Have At Least One Offer
Borders recently had a routine hearing earlier this week. Judge Martin Glenn asked for an update from both lawyers. After returning from a brief meeting that was within earshot, the judge had adjourned the hearing. The judge was updated on whether there were bids for the company and sources say that at least one bid was made. Lease terminations for several properties were approved and Borders was also granted a request to extend the deadline for removing pending civil actions. [PublishersWeekly]
Categories Borders Group Inc., Judge Martin Glenn
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Borders Files For Chapter 11 Protection, Shutting Down 30% Of Nationwide Stores
Borders Group Inc. (NYSE:BPG) has filed for Chapter 11 protection today. The Ann Arbor, Michigan based company is shutting down 30% of their stores nationwide. Borders is seeking protection from creditors as they filed for bankruptcy at the U.S. Bankruptcy Court in Manhattan.
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Categories Borders Group Inc., Mike Edwards
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Hedge Fund Manager Bill Ackman Loses $125 Million On Borders Bookstore Investment
Bill Ackman’s hedge fund Pershing Capital has lost $125 million on its investment in Borders Group Inc. Ackman admitted that the Borders investment was a mistake. Borders is rumored to be filing for bankruptcy on Monday or Tuesday. Borders’ entire market cap is less than $30 million as of right now as well. Ackman had an interest in financing a $900 million merger with Barnes & Noble. [AnnArbor.com]
Borders Receives Notice About Not Being Compliant For NYSE Listing
Borders Group Inc. (NYSE:BGP) has received a notice from the NYSE Regulation, Inc. that they are not longer compliant with the continued listing standard of the New York Stock Exchange, Inc. (the “NYSE”). The NYSE requires a minimum average closing price of $1.00 per share over a 30 trading day period. Borders is being given 6 months from yesterday to fix the deficiency.
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Borders Close To Getting A $550 Million Loan From GE Capital
Borders Group, Inc. (NYSE:BGP) said this past week that they have received a $550 million in refinancing loan from GE Capital. The company has to meet certain requirements for the loan including converting delayed payments into loans for publishers.
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Categories Borders Group Inc., GE Capital, William A. Ackman
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Borders Stalling Payments To Book Publishers
Borders Group, Inc. (NYSE:BGP) has been delaying payments to book publishers. This indicates that Borders may be losing a battle to the popularity of e-books. Borders is delaying payments so that they could refinance their debt. Borders may have to break their existing credit deals in 2011 after facing a “liquidity shortfall” said the company. In the company’s most recent quarter, they lost $74.4 million. [Electronista]
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Borders Announces $139 Kobo E-Reader With WiFi
Borders Group, Inc. (NYSE:BGP) has announced the Kobo 2 e-reader with WiFi at a low price of $139. This version has a faster processor and three new colors. The faster processor makes page-turning faster.
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