Borders Files For Bankruptcy

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Book retail giant Borders Inc. has filed for bankruptcy protection in New York after years of losses. Borders initiated job cuts, management changes and debt restructuring in an attempt to stay afloat financially but to no avail as total liabilities of $1.29 billion overtook its $1.28 billion in assets as at December 25 last year.

Borders will continue operating despite the Chapter 11 filing in US Bankruptcy Court in Manhattan. The book retailer has secured a $505 million debtor in possession loan from financier GE Capital. Borders has been in business for 40 years but has in recent times faced fierce competition from online book retailers like Amazon.com and other competitors like Wal-Mart Stores Inc.

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Tampa Bay Bankruptcy Center, P.A. on:

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