Borders Group Inc., the direct marketer and retailer of books, said Thursday it may put itself up for sale and has lined up $42.5 million to stay in business.
First off, the Ann Arbor, MI-based firm has hired J.P. Morgan Securities Inc. and Merrill Lynch and Co. as financial advisors as it explores whether to sell the company and/or certain divisions.
Meanwhile, Borders has received a financing commitment from Pershing Square Capital Management L.P. for a loan $42.5 million and an offer to purchase certain of its international businesses.
The company also said it suspended its quarterly dividend program
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