Struggling bookseller Borders reportedly needs to secure $50 million in additional financing for reorganization efforts. Currently, it has a $505 million debtor-in-possession loan.
Here’s more from the article: “Some publishers are spurning the reorganization the chain proposed to them privately, said a person familiar with the publishers’ strategy. At least one deems the revenue projections unrealistic because Borders no longer has enough stores to generate those sales, said the person, who declined to be identified because Borders’s presentations aren’t public.” (via BookTV)
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