Report: Mesa, Chandler stores among Borders closures - Ahwatukee Foothills News: Valley And State

Report: Mesa, Chandler stores among Borders closures

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Posted: Wednesday, February 16, 2011 10:14 am | Updated: 11:20 pm, Fri Aug 19, 2011.

Two Borders locations in the East Valley are among those being closed as the struggling bookseller files for bankruptcy protection.

According to court filings obtained by the Wall Street Journal, the stores at 1361 S. Alma School Road in Mesa and 870 N. 54th St. in Chandler will be shuttered.

Also closing: two stores each in Scottsdale and Phoenix, one in Avondale and one in Tucson.

To see the full list of closings, click here.

The Associated Press reports that the 40-year-old company plans to close about 200 of its 642 superstores in the next few weeks.

AT A GLANCE

THE FILING: Borders Group Inc., the 40-year old No. 2 U.S. bookseller, filed for bankruptcy protection Wednesday, sunk by crushing debt and sluggishness in adapting to a rapidly changing industry. It will close about 200 of its superstores and cut 6,000 of its 19,500 employees.

THE BACKGROUND: Borders appeared to be the future of retailing 15 years ago, but was brought down by failing to respond fast enough to changes in technology and shopping habits.

WHAT'S NEXT: Border received $505 million in financing from GE Capital to restructure under bankruptcy protection. It plans to keep operating normally for the time being.

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