Wednesday, February 16, 2011

Borders Store Closing After Bankruptcy

Borders Store Closing After Bankruptcy - Borders has announced the closing of 200 of its stores across the United States due to poor performance by some of its locations. The announcement came along with Borders’ filing for bankruptcy due to $1.29 billion worth of debt the company has accrued.

The closings reflect a 30 percent downsizing from Borders’ more than 600 locations nationwide. According to the bankruptcy filing, Borders owes millions to several publishers.

Borders, a Michigan-based company, listed a $1.29 billion debt in it’s Chapter 11 bankruptcy filing. The company’s assets were listed as $1.28 billion.

Borders Store Closing After Bankruptcy

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