Borders Outlines Additional 28 Store Closings

NEW YORK (CBSNewYork/AP)Borders Group Inc. plans to close an additional 28 stores, bringing the total closings to 228, as it tries to reorganize in bankruptcy protection.

The additional closings would bring the remaining store total to about 400.

The closings are set for a wide variety of states, including seven in California. Stores previously on the list are expected to be closed by the end of April and the 28 additional stores by the end of May.

Borders filed for Chapter 11 bankruptcy protection in February. Borders hopes to have a formal reorganization plan to present to its creditors by early April and aims to exit bankruptcy in August or September.

Traditional book sellers are facing tough competition from online sites and discounters. The No. 2 U.S. bookseller is attempting to reorganize so it can emerge from bankruptcy protection a smaller and profitable company.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Comments

One Comment

  1. Bartsimpson says:

    The Kindle and Nook along with Amazon is what caused this

  2. aikoaiko3 says:

    Sharon, I didn’t realize that Obama invented the e-reader and forced Borders to shun it. Good research!

    1. Jeffers says:

      He Didnt, Al Gore did

  3. bordersanity says:

    They keep emailing all sorts of offers, while closing stores.

  4. sharon says:

    Another obumma casualty. One term and done.

    1. KPMc says:

      Is it true that ignorance is bliss? Because if so you must be in heaven 24/7.

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