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.
