Borders Receives Refinancing Commitment from GE Capital
GE Capital provided its financing commitment following a comprehensive review of the company’s strategic plan to restructure its business model by focusing on core business areas in order to improve profitability and cash flow.
Borders Group President Mike Edwards stated, “We are pleased that, after a thorough review of our business strategy and related long-term potential by GE Capital and outside experts, GE Capital is committing to put in place a new senior financing facility for the company. This is an important step for Borders toward implementation of its comprehensive plan to reposition itself as a vibrant national retailer of books and other related products to the consumer. We strongly believe that, based on our business strategy, Borders will be able to transform its business to capitalize on the evolving reading marketplace and perform as a best-in-class destination and shopping experience for consumers.”