Borders Raises US$25 Million, Gets New Chairman

posted on 2010-05-25 23:54 EDT

The ICv2 retail news source reports that the Borders Group book and media store chain has raised US$25 million in a sale of new shares to a company run by Bennett LeBow, who will also become the new chairman of the board for the company. LeBow will now be the company's largest shareholder.

In early April, Borders secured new financing to replace its existing credit lines. Borders had loans that were due that month, but the new financing delayed Borders' need to repay those loans until 2014.

In January, Borders had cut 10 percent of its corporate workforce, following the resignation of CEO Ron Marshall a few days before. Borders then laid off more employees in March.

Source: ICv2

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