Borders To Close 51 More Stores

Borders Group, Inc. filed with US Bankruptcy Court a motion to close 51 stores, including some of them their best locations, after failing to obtain extensions of the September 14, 2011 deadline to assume or reject leases from their landlords at these locations -- in large part because under the terms of a $505 million bankruptcy financing loan from General Electric Co's GE Capital, Borders must initiate closure proceedings now, in case it is unable to work out an extension. If approved and executed, Borders would have about 350 stores remaining.