Barnes & Noble reported record holiday sales today, but Borders Group hasn’t released any official news since two executives left the company earlier this week. Nevertheless, news and rumors have trickled out about the struggling bookseller.
The Am Law Daily rounded up the law firms now involved in the future of Borders: “The Am Law Daily has learned that four Am Law 100 firms–Baker & McKenzie, Jones Day, Latham & Watkins, and Sullivan & Cromwell–are involved advising various parties on the ongoing restructuring efforts by Borders.”
AnnArbor.com had a gloomy quote from University of Michigan law professor John Pottow: “The amount of losses they’re incurring is not something where they can avoid (restructuring).”
Finally, author Brian Keene quoted some unnamed employees: “multiple sources (all of whom are employed by Borders) are telling me that employees of several different Borders stores were told during conference calls this week that ‘things are bad’ and ‘if they have an opportunity for employment elsewhere, they should take it.'”