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With Borders set to declare fourth-quarter results next week, expectations are grim: more multi-million dollar losses, store closures, payroll slashings and, with shares currently trading at 64 cents per share, potential de-listing from the NYSE. Shareholders will hear more about the company’s strategy, including plans for a reverse stock split to satisfy NYSE conditions, next Wednesday when CEO Ron Marshall hosts a conference call with analysts and investors.
One turnaround expert tells the Detroit Free Press that Borders seems to be one of buying time and hoping economic recovery is just around the corner. “They are figuring their brand name is going to carry them,” said Ken Dalto .”Brand names mean less with the inroads of technology. The brand name is Amazon.” Managing partner of Bingham Farms-based McTevia Associations Jim McTevia points to a possible Chapter 11 filing, but says even that wouldn’t solve Borders’ problems. “Depending on their ability to get debtor-in-possession financing, they could easily file for Chapter 11,” he said. “It is much easier to facilitate the sale of a troubled company under bankruptcy protection.”
Detroit Free Press