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Borders (BGP) Gets Much Needed Funding From Ackman's Pershing Square
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Borders Group (NYSE: BGP) arranged $42.5 million in financing from its largest shareholder, Bill Ackman's Pershing Square, to keep its turnaround afloat.
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Borders said the credit crunch made it difficult to arrange this financing. More importantly, Borders said it would have run into liquidity trouble without the Pershing Square funding in the next few months.
Borders is in the process of converting its stores to being more friendly to digital media and it also plans to unveil its new e-commerce site in the first quarter. [JT]
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