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.
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