Borders Books gets lifeline (but will it be enough?)
Borders Books has been struggling to survive.
Yesterday, the Ann Arbor bookseller announced it had lined up $550 million dollars in financing to stay afloat.
The deal is contingent on Borders reaching a deal with book publishers. It's been reported that the company set a February 1st deadline for the publishers to agree to take up to a third of the booksellers debt. A Borders spokeswoman would only say the company has not stated a specific date.
The deal with GE Capital announced Thursday could help. Or it may not. The Wall Street Journal is reporting that Borders is still looking for money to finance the company through a possible bankruptcy filing.