Bankruptcy filing cited in decision
Shares in troubled book, music and video retailer Borders Group, which filed for bankruptcy protection on Feb. 16, will be delisted by the New York Stock Exchange at the opening of business on March 21.
In its Wednesday notification to Borders, the exchange cited the firm’s bankruptcy filing as the principal reason for the suspension. Borders, whose stock had plunged below $1 per share in value, had been warned in February by the NYSE that trading could be suspended.
Shares closed at 23¢ in Wednesday trading.
Ann Arbor-based Borders listed debts of $1.29 billion and assets of $1.27 billion (Variety, Feb. 16). Several of the major studios and music companies were named as unsecured creditors.