February 16, 2011 by staff
Borders Books, Headquartered in Ann Arbor, Mich., through its subsidiaries, Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books and other educational and entertainment elements. The company employs about 19,500 across the United States, primarily in its borders and Waldenbooks stores. Online shopping is offered by borders.com
On January 30, 2010, the company operated 511 stores in the U.S. Borders, including 508 in the United States and three in Puerto Rico. The company also operates 175 stores in the Waldenbooks Specialty Retail segment, including Waldenbooks, Borders Express, Borders airport stores, and Borders Outlet stores.
On February 16, 2011, the company announced it had filed for protection under Chapter 11 bankruptcy, listing assets of $ 1.275 billion U.S. dollars and 1.293 billion of debt in its filing.
Borders U.S. bookstore chain announced Wednesday it has requested bankruptcy protection from its creditors so it can reorganize itself and regain its position as “a seller delivers stronger and more dynamic.”
“It has become increasingly clear that, given the environment of customer spending limits, our ongoing discussions with publishers and other vendor parts thereof, and the lack of liquidity of the company, Borders Group has the financial resources it needs to be a viable competitor that are essential to move forward with its corporate strategy to reposition itself successfully in the long term, “Frontiers President Mike Edwards said in a statement.
The 40-year Borders Group has long struggled to stay afloat as more people are buying books online in electronic form, or in grocery stores.
Stores in Wyomissing, Berks County, Langhorne, Bucks County, Whitehall Township, Lehigh County, and King of Prussia, Montgomery County are among the approximately 30 percent, or about 200 stores, ending in the next weeks, the company said.
[source: via wikipedia and various online sources]
Please feel free to send if you have any questions regarding this post , you can contact on
Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.