Springfield Borders to Close
The Frontier Drive store will close along with another 398 Borders locations.
While it was spared once, the Springfield Borders bookstore at 6701 Frontier Drive will soon be no more.
The local book store was saved from closure in February when the company declared bankruptcy but in light of recent events at the company, nearly 400 stores will close due to liquidation.
The Wall Street Journal reported Monday that because of a lack of buyer interest, Borders has thrown in the towel.
From the Borders press release:
Borders currently operates 399 stores and employs approximately 10,700 employees. Subject to the Court’s approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.
According to its February filing for bankruptcy protection, Borders owed millions of dollars to at least 30 companies, including publishers Simon and Schuster and Harper Collins and language-training software makers Rosetta Stone. Borders owed its largest creditor, publisher Penguin Putnam, over $41 million.
On Monday, Reuters reported that Borders was in discussions with the Books-A-Million bookstore chain to buy less than 50 of the stores.