Borders files for bankruptcy, plans to close 192 stores

Posted: February 17, 2011 in Uncategorized
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Borders Group, the second-largest book chain in the United States, filed for bankruptcy protection this morning, announcing plans to close about 192 of its 639 Borders, Waldenbooks, Borders Express and Borders Outlet locations over the next several weeks. It’s unclear how many of the company’s 6,100 full-time and 11,400 part-time employees will be affected by the closings. Borders, which listed $1.29 billion in debt and $1.27 billion in assets, plans to continue to operate through the court process with the help of $505 million in financing from lenders led by G.E. Capital.

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