Death of Borders Postponed...Again
Jul 19, 2009
Well, Borders lives to be in debt for another year it seems. They borrowed $42.5 million from their biggest shareholder, Pershing Square, which was due on April 15 of this year. They asked for another year to pay it off. So now the loan is due on April 1, 2010. This is the THIRD time Borders has asked for a repayment extension. They're gonna try to get their stores in order but the CEO of Borders says he won't be surprised if sales continue to go down.
I will be very surprised if Borders is able to pay off this loan in the next 9 months. Maybe they should ask for a government bailout. The bookstore chain has been going down the tubes for a while now.