Borders Reaches Deal To Avoid 45 Store Closures

Law360, New York (June 15, 2011, 10:11 PM EDT) -- Bankrupt bookstore chain Borders Group Inc. reached an agreement with lenders that would avoid the need to close nearly four dozen stores, according to a Wednesday court filing in New York bankruptcy court.

Borders said the deal was reached after extensive negotiations with bankruptcy lenders and an unsecured creditors committee that would avoid the need to shutter 45 stores, some of which are among the chain's most profitable or have below-market leases. Notice of the agreement was filed a day before Borders was scheduled to hold...
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