Bye-bye Borders: Superstore files Chapter 11, Triangle stores to close in next several weeks | Arts
Arts
INDY Week's arts blog

Archives | RSS | Follow on

Wednesday, February 16, 2011

Bye-bye Borders: Superstore files Chapter 11, Triangle stores to close in next several weeks

Posted by on Wed, Feb 16, 2011 at 12:14 PM

borders_books.gif
Today , the troubled books retail giant Borders filed for Chapter 11 bankruptcy protection. The long-expected move means 200 stores will close, including four stores in the Triangle.

According to documents filed in the U.S. Bankruptcy Court, Southern District of New York, stores in Chapel Hill, Raleigh, Cary and Apex will all close as part of Borders' restructuring. The Borders in Greensboro will also close.

Borders' North Raleigh location at 8825 N. Six Forks Road will remain open, as will the stall at Raleigh-Durham International Airport.

Borders announced today that it had secured $505 million in debt financing to help the company satisfy its creditors and continue operations on a reduced scale.

The company noted that, among other initiatives and subject to court approval, Borders plans to undertake a strategic Store Reduction Program to facilitate reorganization and its repositioning. Borders has identified certain underperforming stores — equivalent to approximately 30 percent of the company’s national store network — that are expected to close in the next several weeks.

Borders plans to continue operating its remaining stores—wherever they are—and will maintain its online retail operations. It will continue to honor the Borders Rewards loyalty program, and payroll and benefits will be met, presumably for those who remain.

Here is the bankruptcy filing. borders.10_10614.pdf

And in other news, business continues as usual at your local independent bookstores.

Tags: ,

Pin It

Comments

Subscribe to this thread:

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in Arts



Twitter Activity

Comments

an industry funded propaganda piece that equates GMO concerns about transparency, and the slippery slope of patenting seeds and increased …

by Roy Kortick on Documentary Food Evolution Is an Unusually Measured Look at the Polarizing GMO Debate (Arts)

We will see a few dedicated people(or bots not sure on that) that will try to instill doubt about this …

by Robert Wager on Documentary Food Evolution Is an Unusually Measured Look at the Polarizing GMO Debate (Arts)

Most Recent Comments

an industry funded propaganda piece that equates GMO concerns about transparency, and the slippery slope of patenting seeds and increased …

by Roy Kortick on Documentary Food Evolution Is an Unusually Measured Look at the Polarizing GMO Debate (Arts)

We will see a few dedicated people(or bots not sure on that) that will try to instill doubt about this …

by Robert Wager on Documentary Food Evolution Is an Unusually Measured Look at the Polarizing GMO Debate (Arts)

Scientific consensus was that smoking was, not only safe, but good for you, for over 70 years. While a group …

by marcuscassius on Documentary Food Evolution Is an Unusually Measured Look at the Polarizing GMO Debate (Arts)

Great movie! I finally watched it online in HD. I figured some of you guys would want to watch it …

by Vhia setiawan on Movie Review: Believe the Hype About Black Panther, an All-Time Great Superhero Saga (Arts)

© 2018 Indy Week • 320 E. Chapel Hill St., Suite 200, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation