News 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.
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