Posts Tagged ‘Group President’
Thank you to Shelf Awareness for the original article.
Citing a lack of capital and a desire to “reposition itself successfully for the long term,” Borders Group has filed for reorganization under Chapter 11 bankruptcy code in federal court in New York.
The company plans a significant number of store closings, “equivalent to approximately 30% of the company’s national store network”–about 200 of its 639 stores, which include about 500 superstores and 139 smaller stores. The store closings will take place “in the next several weeks” and are, Borders said, “a reflection of economic conditions, cost structures and viability of locations, among other factors, and not on the dedication and productivity of the workforce in these stores.”
Borders Group president Mike Edwards emphasized that in reorganizing, the company aims to implement “the appropriate business strategy designed to reposition Borders to be a potentially vibrant, national retailer of books and other products…. We are confident that, with the protection afforded under Chapter 11 and with the support of employees, publishers, suppliers and creditors, and the reading public, a successful reorganization can be achieved enabling Borders to emerge from the process as a stronger and more vibrant book seller.”
Read globally but buy from your local, indie SIBA-member bookstore and keep more revenue in your community.