Penn Station, JFK Borders stores likely to close

TRD New York /
Jun.June 09, 2011 04:44 PM
alternate
text
From left: Borders at Penn Station and at JFK Airport

Borders will likely close 51 locations, including those at JFK airport and Penn Station, by June 22 to avoid defaulting on its bankruptcy loan, Crain’s reported. Borders hasn’t been able to negotiate extensions from landlords at those locations on deadlines to assume or reject the leases. Borders’ creditors, led by GE Capital, said they would not allow the bookstore chain to assume the leases itself. In the meantime, Borders will seek permission to sell furniture and equipment from those stores through a liquidator, while asking lenders to grant a grace period until July 21, when Borders goes to court to potentially close on the sale of the entire business. Without those 51 stores, which include some of the chain’s most profitable locations, the lenders will not get as good of a return on a potential sale. Borders filed for bankruptcy in February, and simultaneously took out a $505 million loan. It has since closed 237 of its 642 stores nationwide, including at least three in Manhattan at 461 Park Avenue, 576 Second Avenue and 100 Broadway. [Crain’s]


Related Articles

arrow_forward_ios
11 Penn Plaza and Apple CEO Tim Cook (Credit: Vornado, Getty Images)

Apple is in talks for a lease at Vornado’s 11 Penn Plaza

Gov. Andrew Cuomo and a rendering of Penn Station (Credit: Getty Images, Governor's Office)

Landlord to Cuomo: “No intention of selling” Penn Station site

A rendering of Empire Station with Governor Andrew Cuomo and JDS Development's Michael Stern (Credit: Getty Images, JDS)

Recycled ideas? Penn Station plan similar to JDS 2016 proposal

Governor Andrew Cuomo and an an aerial of Penn Station's planned expansion (Credit: Getty Images and New York State)

Cuomo plans to acquire private real estate to expand Penn Station

Vornado wants to clean up “crack alley” around One Penn Plaza

Vornado wants to clean up “crack alley” around One Penn Plaza

Puma moving Garment District office and showroom to Penn Station area

Puma moving Garment District office and showroom to Penn Station area

Cuomo wants the state to take control of land surrounding Penn Station

Cuomo wants the state to take control of land surrounding Penn Station

Let’s say Elon Musk’s Hyperloop actually happens. Here’s where it could go in NYC

Let’s say Elon Musk’s Hyperloop actually happens. Here’s where it could go in NYC

arrow_forward_ios
Loading...