Borders strategic reduction program approved; 200 stores to close

By Caroline Salls

Pittsburgh, Feb. 17 - Borders Group, Inc. received court approval of its strategic store reduction program under which it will close 200 underperforming stores, according to a company news release.

Borders said it expects the stores to be closed by the end of April, and promotional sales could begin as soon as this coming weekend at the affected stores.

As previously reported, Borders said Wednesday that it entered into a liquidation agency agreement with a joint venture composed of Hilco Merchant Resources, LLC, SB Capital Group, LLC and Tiger Capital Group, LLC, subject to the receipt of higher bids.

Borders, an Ann Arbor, Mich.-based specialty retailer of books and other educational and entertainment items, filed for bankruptcy on Feb. 16 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 11-10614.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.