Borders is finally ready to present their business plan to creditors this week, the WSJ reports, though the paper has few details on what Borders will propose. The lead trumpets “major cost reductions” that include over $30 million in rent reductions. Of course the bookseller has also proposed paying out $8.3 million in executive bonuses, and the last time they reported earnings in December 2010, they lost almost $75 million in the third quarter alone. The company will leave their Ann Arbor home–which has been up for sale since last fall, portions of which Borders had sub-leased out before filing […]
