The company has also received a commitment from Pershing Square Capital Management to lend it $42.5 million for operations, the report reveals. The New York City-based fund, which is Borders' largest shareholder, has also agreed to acquire the retailer's British Paperchase chain, which has about 100 stores, as well as Borders' 21 namesake stores in Australia, its five in New Zealand and two in Singapore.
Borders operates 509 superstores in the US. The company also owns the 490-store Waldenbooks chain, which is found mainly in malls.
Pershing Square also owns shares of Target Corp., Barnes & Noble, Wendy's International and other retailers, according to SEC fiings. The firm was founded by investor William Ackman.
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