Borders Reports Losses: $299MM in 2010, $54MM in Feb.-Mar. 2011

FAIRLESS HILLS, Pa. -- Borders Group Inc. has finally released its annual report for 2010 and operating reports for the first two months in 2011.  Net losses for 2010 were listed at $299 million.  Losses for the February to March 2011 period aggregate approximately $54 million.

 

After a few hitches, Borders has also been given the go signal to implement its employee bonus plans, on modified terms.  Eligible employees under the plan can receive up to a maximum of $7 million. 

 

Details on Borders' bonus plans and financial reports, including reports that the Company might be seeking additional financing soon, are available in BORDERS GROUP BANKRUPTCY NEWS, Issue No. 13, published by Bankruptcy Creditors' Service, Inc.

 

The 33-page newsletter contains stories with these headlines:

[00202] COURT APPROVES BORDERS MODIFIED BONUS PLAN FOR EXECUTIVES
[00203] BORDERS TO HAND $7MM IN BONUSES UNDER MODIFIED PLANS
[00204] BORDERS TO SEEK $50MM IN ADD'L. FINANCING, SOURCES SAY
[00205] DEBTORS' 1ST MOTION TO EXTEND ACTION REMOVAL PERIOD
[00206] DEBTORS' MOTION TO ASSUME & ASSIGN STORE LEASES TO AGREE
[00207] DEBTORS' MOTION TO APPROVE OCW LEASE TERMINATION PACT
[00208] DEBTORS' MOTION TO APPROVE TIAA LEASE TERMINATION PACT
[00209] DEBTORS' MOTION TO SET DE MINIMIS ASSET SALE PROCEDURES
[00210] DEBTORS' NOTICES TO REJECT LEASES WITH EMPRESAS, ET AL.
[00211] DEBTORS' MOTION TO EMPLOY ORDINARY COURSE PROFESSIONALS
[00212] PALLET COMPANIES' MOTION TO ALLOW $8,270 ADMIN. CLAIM
[00213] STIPULATIONS EXTENDING TIME TO ASSUME OR REJECT LEASES
[00214] AGREE REALTY SELLS BORDERS-LEASED PROPERTIES FOR $6.5MM
[00215] COURIER CORP. COVERS BORDERS BAD DEBT OF $750,000
[00216] BORDERS GROUP RELEASES 2010 ANNUAL REPORT
[00217] DEBTORS' MONTHLY OPERATING REPORT -- Ended Feb. 26, 2011
[00218] DEBTORS' MONTHLY OPERATING REPORT -- Ended Mar. 26, 2011


A copy of the newsletter can be purchased on-line with a major credit card at <a href="https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP">https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP</a> for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).

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Company: Bankruptcy Creditors' Service, Inc. 

Contact: Peter A. Chapman 

Phone: (215) 945-7000 

Email: peter[@]bankrupt.com