Finally, the inevitable has happened: Borders has filed for Chapter 11 bankruptcy protection and plans to close about 200 of its stores, two of them in Broward County.
The Borders set for termination are in Plantation and Fort Lauderdale; the Aventura Borders closed last fall. Big stores were the big target: Most of the stores destined for closure are more than 20,000 square feet, according to Publisher's Weekly.
Meanwhile, Borders will continue to operate its online store and will honor gift cards, the Border Rewards program and other customer programs, according to another Publisher's Weekly story, which also quoted president Mike Edwards as saying in a statement: “It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term.''
Click here to see the list of store closings.
The link you shared was very helpful, especially for my younger brother. He was so happy knowing that the store near our place isn’t on the list. He loves reading and music so much, and he probably wouldn’t last a month without buying from the Borders Group. Well, Chapter 11 bankruptcy protection would let them have some time to deal with their debtors. It’s one advantage of filing for it earlier.
Posted by: Lance Simonetti | May 22, 2012 at 01:20 PM