Payments by Borders Late Again

Borders, the struggling book chain, said on Sunday night that it would delay more payments to its vendors and landlords as it tried to preserve cash and avoid bankruptcy.

In a statement, Borders said the delay was “intended to help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations.”

Borders, the second-largest book chain in the United States, added that it “understands the impact of its decision on the affected parties.”

It is the second month in a row that Borders has delayed payments to vendors. In late December, Borders abruptly informed publishers that it would not make a scheduled payment, and later asked publishers to convert the missed payment into a sort of loan.

Read Full Article from New York Times

- Posted: 2011-01-30 21:41:37

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