Borders Delays Payments To Vendors

Burton, Paul
January 2011
High Yield Report;1/10/2011, Vol. 22 Issue 2, p1
The article reports on the decision of U.S.-based book retailer Borders Group in January 2011 to delay payments to some of its vendors amidst efforts to refinance its debt. According to company spokeswoman Mary Davis, the company has realized the necessity of restructuring its vendor financing scheme, hence the decision to delay payments to certain of its vendors. Competitors of Borders are Amazon.com, Wal-Mart Stores and Target Corp. Further, the company disclosed a 74.4 million U.S. dollar net loss in the third quarter of 2010.


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