Borders Restructuring Debt
In an effort to avoid a bankruptcy, or a complete violation of terms with its creditors, the number 2 bookseller in the U.S., Borders, announced last week that they will need to delay payments to some vendors as they restructure their debt.
Mary Davis, a spokeswoman Borders said, “As part of this potential refinancing, Borders has determined that it is necessary to restructure its vendor financing arrangements and is delaying payments to certain of its vendors.”
The company has struggled financially for the last several years as more and more people transition to electronic book formats. For the third quarter, the company reported a loss of over $74 million which is representative of a growing financial trend for the company in recent years. The stock market reacted dramatically Friday as shares of the bookseller fell about twenty two percent after the recent announcement.
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