Bookseller Borders Group is delaying payments to some of its vendors, a company spokeswoman told Reuters on 30 December 2010. The news came just weeks after the company said it was trying to obtain new financing to avoid violating the terms of its credit agreements early next year.
“As part of this potential refinancing, Borders has determined that it is necessary to restructure its vendor financing arrangements and is delaying payments to certain of its vendors,” Borders spokeswoman Mary Davis said by phone.
Borders has notified these vendors and will be working with them to restructure their arrangements with the company, she added. Davis did not give details on the vendors.
The company, however, said: “There can be no assurance that it will be successful in refinancing its senior credit facilities or restructuring its vendor financing arrangements.”
In its latest third quarter, Borders reported a wider quarterly loss and said its borrowing capacity was cut after a third-party review that lowered the estimated value of its inventory if the book store chain had to liquidate it.
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.