google finance (NYSE:BGP) cash flow, note the numbers in bold
In Millions of USD
52 weeks ending 2008-02-02 52 weeks ending 2007-02-03 52 weeks ending 2006-01-28 52 weeks ending 2005-01-23
Issuance (Retirement) of Stock, Net 7.60 -122.70 -238.30 -132.50
Issuance (Retirement) of Debt, Net 43.40 303.30 -1.40 6.80
I has been a Borders customer for a long time, just feel sad to see my favorite bookstore got into such a big financial trouble. But again, they (the former management) kind dig a hole themselves: bought back stocks from year 2004 to 2006 (spent $132.5 m, $238.2 m, $122.7 m). Then scambled to borrow $303.3 m in year 2006, and borrow and issue stocks in year 2007 (too little too late).
Business wise, I think the popularity of iPod/iTune almost killed the music CD sales, and the rise of Amazon (low cost) affect book side of business.
Pershing Square (Bill Ackman) has a 33.62% stake in Borders (gurufocus). BTW, his BGP holding has dropped 96% of its value, according to Gurufocus.