Borders Group has filed for Chapter 11 bankruptcy, and plans to close about 200 of its stores and reduce its staff, the book retailer said Wednesday.
"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," the company said in a statement.
Email Print "As we do close down the stores, ultimately there will be a reduction in employees," said Borders spokesman Donald Cutler. But he didn't say how many workers would lose their jobs.
Borders currently has 659 stores and employs nearly 20,000 workers, including 5,842 full-time employees, both regular and temporary, and 13,661 part-time employees, said Cutler...
Borders in bankruptcy, will close about 200 stores
February 16, 2011