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Report: Borders seeking more funding
New York City -- Borders is seeking at least $50 million in additional financing as sales trail expectations and publishers demand cash in advance, according to two people who have seen the chain’s plans to reorganize, Bloomberg reported. The bankrupt retailer already has a $505 million debtor-in-possession loan from lenders led by GE Capital.
Borders may risk liquidation without further investment, easier terms from vendors or a buyer, said the people, who declined to be identified because the process isn’t public, the report said. -
Southern California grocery workers OK strike authorization
New York City -- Members of the largest union local representing Southern California grocery workers gave their negotiators the power to call for a strike if contract talks with major supermarket chains break down, it was announced Thursday. Results for the other locals were not immediately available.
Passage of the strike authorization would not necessarily mean a strike is imminent. Contract talks that began in February are set to resume next week with negotiators for The Vons Cos. Ralphs Grocery Co., a subsidiary of The Kroger Co.; and Albertsons.
