Having stopped shipments to Borders Group, publisher John Wiley writes off $9 million, doesn't expect payment

Crain's Detroit Business Mobile: "With Borders Group Inc. now into its third month of withholding payments to some landlords and publishers, a New Jersey-based publisher is giving up on getting paid by the bookseller. Last Friday, John Wiley & Sons Inc. (NYSE: JWA) filed a disclosure stating that it is recording $9 million in bad debt because of nonpayment by Ann Arbor-based Borders. Wiley based its reporting of bad debt on 'the status of our current business relationship with Borders Group Inc. and potential future adverse financial events that may affect this customer,' according to the 8K document filed with the U.S. Securities and Exchange Commission. ... "