Borders to close 200 Waldenbooks stores
ANN ARBOR, MICH. --- Borders Group Inc. says it will close 200 Waldenbooks stores and cut 1,500 jobs in January to make the chain smaller and more profitable.
Borders, based in Ann Arbor, Mich., said the closings would leave about 130 Waldenbooks stores still in business.
The company says the closing will not affect any Borders superstores or any of its mall kiosks, including 500 Day by Day Calendar Co. spots and other mall-based stores.
Fannie Mae requests another $15 billion
WASHINGTON --- Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising.
The government-controlled company continued to see a dramatic surge of borrowers fall behind as the unemployment rate climbs. At the end of last month, about 4.7 percent of Fannie Mae's borrowers had missed at least three payments. That's nearly triple last year's level.
Investment funds buy health data company
NORWALK, CONN. --- Health care data company IMS Health Inc. said Thursday it is being bought by investment funds TPG Capital and CPP Investment Board for $4 billion, in a move to help the company restructure its business amid the shifting health care arena.
IMS shareholders are getting $22 per share under the deal, marking a 31 percent premium to the stock's closing price of $16.81 on Wednesday. Shares were up nearly 24 percent in afternoon trading, having earlier set a new 52-week high of $21.09 on the news.
The leveraged buyout deal is valued at $5.2 billion.