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Business News Retail
Borders US files for Chapter 11
By CMU Editorial | Published on Thursday 17 February 2011
American books and CD seller Borders has, as expected, filed for Chapter 11 bankruptcy protection. Though, unlike it’s one time UK sister company, which disappeared from the high street at the end of 2009, Borders US hope to come out of all this as a going concern, albeit a much smaller one. 200 of the firm’s 644 firms will shut straight away while management use a so called “debtor in possession” loan from GE Capital to restructure the finances and operations of the rest of the company.
