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A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Borders Group Inc. plans to close an additional 28 stores, bringing the total closings to 228, as it tries to reorganize in bankruptcy protection.
The updated list includes a store in Wilmette. Get the full story »
(Nicholas Kamm/AFP/Getty Images)
Borders will begin holding closing sales this Saturday at 200 of its stores, including 15 locations in the Chicago area.
A U.S. Bankruptcy Court in New York gave Borders the go-ahead on Thursday to shutter roughly 30 percent of its stores. The Ann Arbor, Mich.-based bookseller filed for Chapter 11 bankruptcy protection on Wednesday.
The company said in a press release that more than $350 million in books, magazines, music, movies, calendars and other merchandise will be liquidated at discounts ranging from 20 percent to 40 percent. Borders Rewards programs remain in effect in stores and online, and the retailer is also honoring gift cards. Get the full story »
Gift cards at a Borders bookstore in Washington. (Nicholas Kamm/AFP/Getty Images)
A judge late Wednesday granted Borders Group approval on an interim basis to use $400 million of the $505 million in financing it has been offered to pay its vendors back and keep its business going, including honoring its loyalty program and gift cards.
The decision is the start of a lengthy and difficult process for Borders, which filed for bankruptcy protection on Wednesday. The No. 2 U.S. bookseller is attempting to successfully reorganize so it can emerge from bankruptcy protection a smaller and profitable company.
Borders is accepting bids in an auction for companies to run its store closings and clearance sales. Get the full story »
Bookseller Borders Group Inc. could file for bankruptcy as soon as Monday or Tuesday, the Wall Street Journal reported Friday, citing people familiar with the matter. Get the full story »
People pass the Borders Book and Music store at the corner of Pearson and Michigan Avenue in January of 2011. The store is closing. (Heather Charles/Chicago Tribune)
Borders Group Inc. might file for bankruptcy protection as soon as next week, Bloomberg News reported Tuesday, citing three people familiar with the matter.
The second-biggest U.S. bookstore chain by sales will likely close at least 150 stores, one of the sources said.
Several private-equity groups are considering making a junior loan to the company based in Ann Arbor, Mich., one of the people told Bloomberg. Get the full story »
Bookseller Borders Group has hired FTI, a firm known for its restructuring practice, to assist in analyzing its finances, according to sources familiar with the situation. Get the full story »
Google has signed an accord with France’s biggest book publisher Hachette Livre on the scanning and sale of out-of-print books, which grants the publisher wide control over pricing and content. Get the full story »
Amazon is no longer selling a self-published guide for pedophiles. It wasn’t immediately clear whether Amazon.com Inc. had pulled the item, or whether the author withdrew it. Amazon did not immediately return messages Thursday.
Bookseller Barnes & Noble Inc. appears to have bowed to shareholder pressure and is changing its shareholder rights plan to limit further stakes by Chairman Leonard Riggio and his family, the company said Wednesday.
Billionaire investor Ron Burkle plans to appeal a Delaware court ruling that upheld a “poison pill” put in place by bookseller Barnes & Noble Inc.
Burkle, Barnes & Noble’s second largest shareholder with 18.8 percent, is locked in a proxy battle with the largest U.S. bookstore chain. He is seeking to install three directors, including himself, at the company’s annual meeting this month. Get the full story »
Barnes & Noble Co. said activist investor Ronald Burkle was unqualified to be on its board and accused the billionaire of trying to take over the bookseller through a proxy battle without rewarding shareholders. Get the full story »
Barnes & Noble Inc. posted a first-quarter loss on legal expenses related to its proxy fight with a major shareholder, the struggling book seller said Tuesday. The company cut its annual earnings outlook on the costs related to fighting billionaire financier Ron Burkle.
Barnes & Noble said it failed to reach a deal to end a rift with billionaire investor Ron Burkle, casting doubt on the bookstore chain’s ability to attract buyers and raising the specter of a proxy battle.
“Barnes & Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms,” the company said in a statement on Thursday, referring to Burkle’s investment firm. Get the full story »
Barnes & Noble’s college bookstore unit said Monday it is expanding its textbook rental program.
The program, which began as a pilot in January, is offered through campus bookstores managed by Barnes & Noble. Users have the option of renting in campus bookstores or online. Get the full story »
Barnes & Noble, the world’s largest specialty bookseller, said it was reviewing a possible sale as its board believes its shares are significantly undervalued. Barnes & Noble shares soared 21 percent after the company announced formation of a special committee of four independent directors to consider all options for increasing shareholder value.
Shareholder Leonard Riggio has told the board he would consider being part of a wider investor group that could buy the company. Get the full story »
