Borders Bankruptcy:This News about of Borders Bankruptcy,Borders Coupon, Borders Bankruptcy 2011,the second chain of bookstores in the United States, filed for bankruptcy after years of sharp decline in sales which makes it impossible to control its debt burden, and it plans to close nearly a third of its stores. His inability to collect important business line and its near-absence of the growing market for digital books have made it difficult for the border to compete with rival Barnes & Noble Inc. Borders commitments $ 1.29 billion and assets of $ 1.28 billion from December 25, 2010, according to documents filed Wednesday with U.S. Bankruptcy Court in Manhattan. Borders Group President Mike Edwards said in a statement that the string "lacks the capital resources it needs to be a viable competitor.Borders said in January that he might have to declare bankruptcy if it could not meet sure conditions to obtain a $ 550 million credit facility from GE Capital, a unit of General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz). He failed to meet these conditions, which included funding organization with other lenders, suppliers and owners in case of bankruptcy, PG. Capital will provide Borders with 505 million in debtor in possession financing, to enable it to maintain operating, matter to the approval of court.
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