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A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Borders Group Inc. plans to close an additional 28 stores, bringing the total closings to 228, as it tries to reorganize in bankruptcy protection.
The updated list includes a store in Wilmette. Get the full story »
(Nicholas Kamm/AFP/Getty Images)
Borders will begin holding closing sales this Saturday at 200 of its stores, including 15 locations in the Chicago area.
A U.S. Bankruptcy Court in New York gave Borders the go-ahead on Thursday to shutter roughly 30 percent of its stores. The Ann Arbor, Mich.-based bookseller filed for Chapter 11 bankruptcy protection on Wednesday.
The company said in a press release that more than $350 million in books, magazines, music, movies, calendars and other merchandise will be liquidated at discounts ranging from 20 percent to 40 percent. Borders Rewards programs remain in effect in stores and online, and the retailer is also honoring gift cards. Get the full story »
Borders Group Inc. has agreed to sell its Day by Day Calendar Co. business to Texas company Calendar Holdings LLC, the Detroit News reported online Monday, citing the Michigan-based book retailer.
Terms weren’t disclosed.
Borders has been negotiating with lenders and publishers to restructure debt and vendor payments. This month, the retailer said it planned to eliminate more than 300 jobs this year.
