The Real Deal New York

Borders to shutter nearly a dozen stores in tri-state area

February 16, 2011 12:35PM

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Soon-to-be-shuttered Borders locations, from left: 576 Second Avenue and 100 Broadway
Borders filed for bankruptcy this morning, saying it will close at least 200 stores around the country — including close to a dozen in New York and New Jersey — and possibly 75 more, according to the Journal. All of the stores closed will be superstores, Borders spokesperson Mary Davis told the Associated Press. Manhattan locations to be shuttered include 461 Park Avenue, 576 Second Avenue and 100 Broadway, in addition to other New York locations in Westbury, Scarsdale and Commack, plus New Jersey outposts in Fort Lee and in the Garden State Plaza in Paramus. In a court filing, an adviser for Borders said the stores slated for closure, plus others, are costing Borders about $2 million a week in losses. At its peak in 2003, Borders operated 1,249 stores under the Borders and Waldenbooks names, but now it operates barely half that. Its annual revenue has fallen by about $1 billion since 2006, the last year it reported a profit. Borders plans to operate normally and honor gift cards and its loyalty program as it reorganizes. [WSJ] and [AP via Post]

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