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Pershing Square Lost Millions on Borders Bet (Friday's News & Notes)


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:

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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