By Greg Hazley
Borders Group, the giant book retailer working to reorganize after a Feb. 16 Chapter 11 filing, is working with Kekst and Company.
Borders, which is credited with ushering in the era of large chain booksellers but has struggled in the nascent digital era, said it plans to close about 30% of its 642 U.S. stores by the spring. It has secured $505M from GE Capital to fund its revamp.
In a statement announcing its bankruptcy, president Mike Edwards cited curtailed consumer spending, ongoing discussions with publishers and vendors, and a lack of liquidity for moving to bankruptcy.
Mary Davis, corporate affairs manager for Borders, confirmed that New York-based Kekst is bolstering its PR.
Borders listed liabilities of $1.29B against assets of $1.28B through the end of 2010.
Kekst is part of Publicis.
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