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Credit Crunch Drives Borders To PershingPosted at 5:52PM Thursday 20 Mar 2008 Borders Group, the second largest US bookstore chain, on Thursday responded to growing pressures on its business by announcing a financing agreement with its largest shareholder that will create time for a possible sale of its entire operations.The retailer, which operates over 1,100 bookshops in the US, Australasia and Singapore, has been struggling to reposition itself in the face of low-cost competition from rivals including Wal-Mart and Amazon.com and the emergence of digital technologies. It is also facing the prospect of slower sales in the US, as part of a general slowdown in US consumer spending reflecting the increasingly troubled economic environment.
B&N Open to Possible Borders Purchase (PW) Video feature on Borders situation (FT)
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