Borders book stores seek financial relief

The country's second largest bookstore chain is working to restructure its finances. According to the Wall Street Journal:

Borders Group Inc. is continuing talks to a secure a $500 million credit line and has hired bankruptcy and restructuring lawyers, said people familiar with the matter.

Borders has chosen law firm Kasowitz, Benson, Torres & Friedman to advise on its current refinancing efforts, these people said. Kasowitz's instructions are to keep the company out of bankruptcy court, one of these people said.
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The nation's second largest bookstore chain halted payments to key publishers and distributors in December, and some publishers have stopped shipping books as a result.

Retail stores remain open going about business as usual.