Detroit News, Detroit Free Press: Borders lays off more workers, struggles to survive as reading culture it helped create goes digital
Ann Arbor-based Borders Group Inc. has laid off 45 more employees as it struggles to cut costs and restructure its debt, The Detroit Free Press reported today.
Meanwhile, an article in the Detroit News today detailed the company's history and notes the irony of the chain's struggle to survive in the digital age after Borders helped foster a love of reading with its knowledgeable sales associates.
Last week, investors drove up Borders stock after the New York Times reported the company was claiming to be close to securing new financing.
Borders executives met with publishers Thursday in hopes of securing new vendor financing agreements.
It's unlikely Borders will be able to continue through 2011 without filing for bankruptcy protection or seeking a merger, a University of Michigan expert told AnnArbor.com recently.