ANN ARBOR, Mich., April 2, 2008 /PRNewswire-FirstCall/ -- Borders Group, Inc. today announced that it is delaying the filing of its Annual Report on Form 10-K for fiscal year 2007, ended February 2, 2008. The company expects to make the filing on or before April 17 after it has completed its evaluation of financing alternatives and can include finalized transactions in its 10-K filing.
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As stated in the company's most recent financial news release dated March 20, as well as in exhibit 10.1 to its current report on Form 8-K filed March 21 with the Securities and Exchange Commission, Borders Group has received a financing commitment from Pershing Square Capital Management, L.P. Under the terms of the commitment, which expires on April 4, 2008, Borders Group is allowed to explore alternatives to the Pershing Square financing that may be more advantageous to the company. Borders Group has entered into discussions with several parties regarding alternative financing proposals. The company's board of directors and senior management are currently evaluating the terms of these proposals against the Pershing Square commitment, and no decision has yet been made. As this process is not complete as of today's filing deadline, Borders Group is delaying the filing in accordance with Rule 12b-25 under the Securities Exchange Act of 1934.
Borders Group is a $3.8 billion retailer of books, music, movies and other information and entertainment items with more than 1,100 stores and over 30,000 employees worldwide. More information about the company is available at http://www.bordersgroupinc.com/.
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