Borders Group Inc., owner of hundreds of Borders bookstores across the country, is considering filing for bankruptcy protection. Company executives are finalizing details on store closures, business restructuring, and financing before entering Chapter 11 bankruptcy protection most likely towards the end of February.
Currently, executives plan on closing around 150 to 200 stores. Deciding on the number of store foreclosures is the main issue Borders wants to resolve before entering bankruptcy so that they avoid holding onto stores than are unprofitable for longer than necessary.
In addition, Borders is trying to convince publishers to forgive some of their current debts to be paid later. Sources say that publishers have urged the company to go ahead and enter bankruptcy instead of trying to hide their financial troubles.
If you or someone you know is considering filing for bankruptcy protection in Milwaukee, contact the Milwaukee bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 to set up an appointment with one of our experienced bankruptcy attorneys.