Christmas sales are drear, so hopes rest on post-Christmas sales.
Borders announced yesterday that they have extended the deadline by one month on both the repayment of their $42.5 million senior secured term loan to Pershing Square, as well as the "put" to require Pershing to purchase their Paperchase subsidiary for $65 million. Both deadlines have been extended to February 16. In late November when reporting quarterly earnings Borders said they were "in discussions with Pershing Square regarding an alternative financing transaction."
Their nearly worthless stock has still managed to decline another 20 percent in early trading today, though Barnes & Noble has suffered weak trading the past two days as well.