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

Two Borders locations in the East Valley are among those being closed as the struggling bookseller http://www.eastvalleytribune.com/business/article_28df00c4-39d6-11e0-8c4d-001cc4c03286.html"> files for bankruptcy protection.

According to court filings obtained by the http://s.wsj.net/public/resources/documents/st_borders0216_20110216.html" target="_blank">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.

http://s.wsj.net/public/resources/documents/st_borders0216_20110216.html" target="_blank">To see the full list of closings, click here.

The Associated Press http://www.eastvalleytribune.com/business/article_28df00c4-39d6-11e0-8c4d-001cc4c03286.html"> 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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