Wednesday, January 12, 2011

Borders Meeting Set For Thursday; Warehouse to Be Closed

PW: "The meeting that could shape the immediate future of Borders Group is scheduled for Thursday afternoon. Publishers, according to sources, will largely be represented by lawyers and finance executives who hope to hear more about the retailer’s new finance and turnaround plan from the Borders’ team. Publishers were unimpressed with the presentations made by Borders last week and the sense is that if Borders expects publishers to accept their proposal for publishers to exchange missed payments for notes, they need to hear a much more robust plan."