Borders files bankruptcy under performing stores to close

Today Borders announced that they were filing for Chapter 11 bankruptcy. This is certainly bad news, not only for Puerto Rico, but for the the entire publishing industry. While they've announced that they will be closing 1/3 of their under performing stores, they haven't announced which stores.

I've talked with friends of mine in the publishing industry and they've told me that Border's Plaza Las Americas store is their #1 store in the Americas, so hopefully that will ensure that it stays open. However, I'm not sure it would make sense to keep the Carolina and Mayaguez stores, I guess we'll know soon.

In this excerpt from today's press release, Borders explains, uhh, their situation:
“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 need to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term.” said Mike Edwards, Borders Group President.
Flickr Creative Commons Contributor:Peter Gerdes