Borders hopes to exit bankruptcy by September: report

Mon Mar 14, 2011 2:19am EDT

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(Reuters) - Borders Group Inc BGP.N hopes to exit bankruptcy court protection by August or September to ramp up business for the key year-end holiday season, President Mike Edwards said in an interview with the Wall Street Journal.

Borders hopes to present a formal business plan to publishers and other creditors in early April, Edwards told the paper.

As part of the restructuring plan, the company had earlier said it will close 200 superstores.

The final number of additional store closings will depend on the success of negotiations with landlords and may be closer to 20 to 25 stores, Edwards told the Journal.

Edwards said Borders is now receiving a steady flow of new titles from major publishers on a cash basis, thanks to its recent financing.

He hopes to return to normal trade terms in April, according to the Journal.

(Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)

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