Borders to close 30 percent of stores, files for Ch. 11 bankruptcy protection | Florida Statesman

Borders to close 30 percent of stores, files for Ch. 11 bankruptcy protection

Star Tribune Wednesday 16th February, 2011

NEW YORK - Bookseller Borders, which helped pioneer superstores that put countless mom-and-pop bookshops out of business, filed for bankruptcy protection Wednesday, sunk by crushing debt and sluggishness in adapting to a rapidly changing industry.The 40-year-old company plans to close about 200 of its 642 stores over the next few weeks. All of the stores closed will be superstores, Borders spokeswoman Mary Davis said. The company also operates smaller Waldenbooks and Borders Express stores.Clearance sales could begin as early as this weekend, according to documents filed with the U.S. Bankruptcy Court in New York. Borders said it is losing about $2 million a day at the stores it plans to close.Cautious consumer spending, negotiations with vendors and a lack of liquidity made it clear Bord...

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