Borders Delays Payments To Vendors For 2nd Month

Stumbling book store chain Borders has said that it would delay payments to landlords and vendors for the 2nd month in a row. In a terse press release, the company said the move was meant to “help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations.” In other words, they’re trying cling to cash and stave off bankruptcy. Borders also announced receiving a $550 million loan from GE Capital. Better keep pushing those loyalty cards to customers that could become worthless pieces of plastic if the company goes belly up, Borders clerks, you’re our only hope! Customers, if you got a Borders gift card for Christmas, now might be a good time to cash it in.

Borders Takes Step to Protect Liquidity, Delays Additional Payments to Vendors, Landlords and Other Parties [PR Newswire]

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Employee: Borders Is Making Us Push Loyalty Cards That May Be Worthless If Company Declares Bankruptcy
Borders Meets With Publishers Instead Of Paying Them