THE Recap

End of a chapter for Borders bookseller

Sunday, February 20, 2011

Borders Group filed for Chapter 11 bankruptcy protection after failing to secure new financing. The company could not overcome twin issues of the drag in consumer spending and the rise of fierce competition from online merchants such as Amazon. The operator of Borders and Waldenbooks owes millions of dollars to major book imprints.

The company, which has shuttered hundreds of stores in its effort to right itself, plans to close another 30 percent of its outlets across the nation. It hopes to emerge from Chapter 11 with new focus on e-books and products other than books. A $505 million dollar loan from GE Capital will fund its operations - with 17,500 employees - while it reorganizes.

Business

GM announced its largest profit-sharing checks ever - $4,000 - headed to 45,000 hourly U.S. workers.

Huawei of China looks to the U.S. market for its tablet PCs, including one that would sell for about $300.

Bernard Madoff, in his first published interview since his 2008 arrest for a massive Ponzi scheme, said his family did not know about the fraud but that banks "had to know."

Marriott International said it will divide the company into an entity focused on lodging and another focused on timeshares.

Apple announced rules for subscription services on digital content sold over iPhones and iPads.

Google launched One Pass, a payment system for digital content. It allows users to access content across multiple devices and publishers to hold on to a greater share of revenue than Apple's similar service.

J.P. Morgan Chase said it would trim its number of trading platforms across the globe to save millions of dollars. Three thousand workers could be redeployed or laid off.

Banks have demanded higher downpayments from homebuyers in the past year.

Exxon Mobil, coming up short with new oil reserves, said it would look to natural gas for expansion. Its acquisition in 2010 of XTO Energy, focused on shale gas production, accounted for 80 percent of the reserves it added.

Time forced out chief executive Jack Griffin, who had been in the post less than six months.


CONTINUED     1              >

© 2011 The Washington Post Company