Struggling bookseller Borders reportedly needs to secure $50 million in additional financing for reorganization efforts. Currently, it has a $505 million debtor-in-possession loan.
According to Bloomberg, the company projects that sales will drop to $1.5 billion. The New York Times reported that some publishers think the bookseller may close more brick-and-mortar stores.
Here’s more from the article: “Some publishers are spurning the reorganization the chain proposed to them privately, said a person familiar with the publishers’ strategy. At least one deems the revenue projections unrealistic because Borders no longer has enough stores to generate those sales, said the person, who declined to be identified because Borders’s presentations aren’t public.” (via BookTV)