Borders to Close 650 Stores

Massive bookstore chain Borders Group Inc. has announced that it will close thirty percent of its 650 locations across the country. This comes after the company was forced to file for Chapter 11 bankruptcy after several years of declining sales.

The company, who also controls Waldenbooks, went before the U.S. Bankruptcy Court in Manhattan this week in an attempt to stave off its creditors. It was warned, however, that it may have to restructure the entire company to do so.

In Texas alone there will be seven stores closing soon. These include the location at Preston Road and Royal Lane where former President Bush once appeared for a book signing. Several more stores in Dallas and Austin will find their doors shut permanently within the year. According to local real estate agent Terry Montesi the proximity of these stores to one another was not the problem, but rather "based on profits, and sometimes a high-volume store may be a high-rent store. They may keep a store open with lower rent."

Need help filing for Chapter 11?  Contact us to speak with a San Antonio bankruptcy lawyer.