Community Corner

Brandon Borders Bookstore Among Those to Close

The Brandon store is among 210 Borders going out of business at the end of April.

A list of Borders stores to close by the end of April includes the store at 2020 Town Center Blvd., in the Brandon Crossroads shopping center. The list, released this afternoon, includes 210 superstores around the country.

Also to close are the two stores in Tampa at 909 Dale Mabry Highway and 12500 N. Dale Mabry Highway.

In a press release issued a today, Borders officials said they regretted the closing of stores around the country but stated, "It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor-related parties, and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor."

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The company noted that, among other initiatives and subject to court approval, Borders plans to undertake a strategic store reduction program. Borders has identified certain underperforming stores — about 30 percent of the company’s national store network — that are expected to close in the next several weeks. Brandon is among those stores.

At the same time, the company noted that a major strength of Borders is its national presence, and its extensive network of remaining stores as well as Borders.com, will continue. The company emphasized that the closings were a reflection of economic conditions, cost structures and viability of locations, among other factors, and not on the dedication and productivity of the workforce in these stores.

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Borders Group, with the authorization of its board of directors, has filed a petition for reorganization relief under Chapter 11 of the Bankruptcy Code.

"This decisive action will give Borders the opportunity to achieve a proper infusion of capital to give it time  to reorganize to be a successful business for the long term,” said Mike Edwards, Borders Group president.

The company said it will continue to offer its Borders Rewards program, gift cards and other customer programs. Additionally, the company expects to make employee payroll and continue its benefits programs for its employees.

Edwards said the book seller will now concentrate on building a solid plan of reorganization and implementing a new business model to address the changing needs of the American reader.

“We are confident that, with the protection afforded under Chapter 11 and with the support of employees, publishers, suppliers and creditors, and the reading public, a successful reorganization can be achieved enabling Borders to emerge from the process as a stronger and more vibrant book seller,” said Edwards.

The Chapter 11 petition for relief was filed in the U.S. Bankruptcy Court, Southern District of New York.

Additional information about the reorganization is available at www.bordersreorganization.comor by telephone at (877) 906-7675.


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