Borders Could Close Book Stores as soon as Friday
Tuesday, July 19, 2011
It looks like the final chapter for Borders, the Michigan-based big-box book, music and media seller. The company could begin closing its remaining 399 stores, five of which are in New York City, as early as Friday.
After an unsuccessful attempt to re-brand itself, the 40-year old retailer finally yielded on Monday to creditors' and lenders’ demands that it liquidate immediately rather than continue to seek bids to stay in business.
Borders is expected to seek approval to be sold to liquidators led by Hilco Merchant Resources and Gordon Brothers Group at the U.S. Bankruptcy Court of the Southern District of New York on Thursday. If the judge approves the move, the company could be out of business by the end of September.
The Borders Group filed for bankruptcy protection in February, following a decline in sales concurrent with the rising popularity of e-readers and online book, music, and video sellers.
Borders’ counterpart Barnes & Noble has also experienced a profit decline in profit in recent years. In January, its popular 6,000 square-foot Broadway and West 66th Street location closed after 15 years of service due to a rent increase.
The end of Borders could mean the chain's 10,000 plus employees will be out of work.
Here are the Borders locations still open in New York City:
- Borders at Penn Plaza at 2 Penn Plaza in Manhattan
- Borders at Columbus Circle at 10 Columbus Circle in Manhattan
- Borders at La Guardia Airport Central Terminal in Queens
- Borders Express at John F. Kennedy International Airport, Terminal 5, in Queens
- Borders Express at 2655 Richmond Ave., in Staten Island