Ann Arbor-based Borders confirms report that it's delaying payments to vendors
The Ann Arbor-based bookseller reported in mid-December that it could face liquidity issues in early 2011 and was trying to avoid a liquidity crisis that could affect daily operations.
Now, according to Reuters, the company is trying to restructure some of its debt to vendors and is delaying some payments.
According to Reuters, a company spokesperson said, "There can be no assurance that it will be successful in refinancing its senior credit facilities or restructuring its vendor financing arrangements."
Read the full report from Reuters here.
Borders posted a $74.4 million loss in the third-quarter, double its loss in 2009.
The company's stock [NYSE: BGP] fell to $0.98 per share in after-hours trading after a high of $1.16.