A2: Business

The Detroit News reports that stock for Ann Arbor-based Borders Group dropped 16% on Tuesday morning, following a Wall Street Journal report that the bookstore chain has hired a law firm to protect it from bankruptcy: “In the past week, Borders’ stock price has zigzagged after unnamed-source reports … on developments with the bookseller’s talks with both lenders and publishers on restructuring its finances. Borders has stopped payments to some book vendors and is suffering from a cash crunch. When talks reportedly get close to providing new credit or restructured payments for Borders, the stock price rises. When the publications report that Borders isn’t winning over publishers or other moves, the price usually drops.” [Source]