Borders files for bankruptcy, will shutter at least 15 Florida stores

Borders has filed for bankruptcy protection and will be closing at least 200 of its 500 stores nationwide, including 15 in Florida. Stores slated to be shuttered include 2240 East Sunrise Boulevard in Fort Lauderdale and 12171 West Sunrise Boulevard in Plantation. 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. “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 needs to be a viable competitor,” Borders president Mike Edwards said in a statement. [Sun Sentinel] and [AP via New York Post]