After all the news surrounding Borders' efforts to secure financing recently, I spent the past week scanning through the news reports every morning all but certain there would be an announcement of a bankruptcy filing. So far, that hasn't happened, but things have been looking progressively worse for the chain.
In an interview published yesterday in Bloomberg Businesweek, for example, Pershing Square head Bill Ackman, who has been one of Borders' most active supporters in recent years, admitted the chain has turned out to be a money loser for his fund, to the tune of $125 million. You can read the entire Bloomberg piece here.
Meanwhile, Borders' management has reportedly switched its focus from refinancing to preparing bankruptcy papers, according to The Wall Street Journal. In other news about retail and retail real estate:
- Blockbuster Eyes Sale (The New York Post)
- Best Buy's Lesson from China: Cluttered Beats Curated (Fortune)