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.

According to Bloomberg, the company projects that sales will drop to $1.5 billion. The New York Times reported that some publishers think the bookseller may close more brick-and-mortar stores.

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)

Starting tomorrow (February 19th), 200 Borders stores will host going out of business sales in 35 states–liquidating $350 million in inventory.

“With limited exceptions,” all items will be sold at 20 to 40 percent discounts. Hilco Merchant Resources, LLC, Gordon Brothers Group, SB Capital Group, LLC, and Tiger Capital Group will help the bookseller manage the liquidation process. Borders filed for bankruptcy earlier this week.

UPDATE: eBookNewser has more about allegations of bounced paychecks from a LiveJournal user group for Borders employees. To help book buyers, writer Edward Champion has compiled an inspiring list of Independent Alternatives to Closed Borders Bookstores.

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