Borders reportedly eyeing bankruptcy
Borders Group Inc. may file for bankruptcy reorganization as early as Monday or Tuesday, according to a report Friday in The Wall Street Journal.
The nation's No. 2 traditional bookstore, which has already cut jobs and closed stores to boost its finances, also plans to close about 200 of its 674 stores and cut thousands of jobs, the newspaper reported Friday, citing sources it did not name.
According to the retailer's website, it has eight locations on Long Island.
The story also says 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.
Borders spokeswoman Mary Davis said Friday, "Borders is not prepared at this time to report on the course of action it will pursue." GE Capital had no comment. Bank of America could not be reached.
Borders has struggled with losses for years as it tries to adapt to a changing book industry. More people are buying books online, at discounters and other stores.
The company reported sales at its namesake superstores open at least a year were down 14.6 percent for the crucial holiday period last year.
Borders also has been playing catch-up in the rapidly growing e-book market dominated by Barnes & Noble's Nook and Amazon.com's Kindle.
On Friday the stock fell 12 cents, or 32.58 percent, to 25 cents. The stock has traded between 23 cents and $3.29 over the past 52 weeks.
The company received a delisting warning from the New York Stock Exchange last week because its stock has not traded above $1 for 30 consecutive days. - AP
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
