How many words does it take to say “We’re broke”? For the president of Borders Group bookstore Mike Edwards, the answer is 67!

“It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long-term”

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