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Tuesday, 15 February 2011

Report: Borders bookstores may file for bankruptcy next week

NEW YORK — Borders Group Inc. may file for bankruptcy reorganization on Monday or Tuesday, according to a report in the Wall Street Journal.

The No. 2 traditional bookstore in the U.S. also plans to close about 200 of its 674 stores and cut thousands of jobs, the newspaper reported on Friday, citing sources it did not name.

The story also said Borders is hearing pitches from Bank of America Corp. and General Electric Co.’s finance arm for $450 million in financing to keep operating under bankruptcy protection.

Read more (courtesy Chicago Sun-Times)

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