In a recent press release Borders Group, Inc. reported that it will:
"delay payments to certain parties — vendors, landlords and others — scheduled for the end of January. The delay is intended to help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations. Borders has received a conditional commitment from GE Capital, Restructuring Finance for a $550 million senior secured credit facility."Borders emphasized that it understands the impact of its decision on the affected parties, but that the company is committed to working with its vendors and other business partners to achieve an outcome that is in the best interest of Borders and these parties for the long-term.
I lived many years without a decent English bookstore in Puerto Rico. It's hard to imagine what will eventually happen, but the over all prognosis for Puerto Rico keeping a Borders is slim. With Amazon now selling bow e-books than paperbooks, it's only a matter a time before bookstores are forced to drastically change their in-store experience; just in order to sustain enough traffic into the store. While Borders in puerto Rico is proably the exception to the rule, it won't be enough to save the whole business. When it goes, it will rip a hole out of my heart, but they are nearly powerless to stop the wheels of progress.