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June 5, 2009By Michael Cader

Borders SEC Filing Discloses Suit by California Employees

June 5, 2009By Michael Cader

In February 2009, three former general managers of Borders stores filed suit in California and are seeking class action status, alleging that the bookseller improperly classified them as exempt employees and violated California Labor Code in a number of ways. Borders adds, “discovery has not commenced and we cannot reasonably estimate the amount or range of possible loss, if any, at this time. We intend to vigorously defend this action.”

The company also notes that as of May 2, they had $112 million in funding available under their revolving credit agreement, though “this amount is not necessarily indicative of our future funding capacity, due to the substantial fluctuation in this amount throughout the year and within a given month.”  As they note later, “borrowings typically peak in the fall as we build inventories in anticipation of the holiday selling season.” They do also say that “we will continue to explore other financing alternatives and, if available with reasonable terms, access other capital sources.”
SEC

Filed Under: Bookstores, Free

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