Cuyahoga Falls Borders Bookstore Survives Latest Round of Closings
Struggling chain files Chapter 11 bankruptcy.
The Cuyahoga Falls location of Borders Books Music Movies and Café at 335 Howe Ave. will remain open as the struggling retailer reorganizes under Chapter 11 bankruptcy. A manager at the store had no comment Wednesday, and referred to a corporate telephone number, which stated that no executives would be available for comment and referred to a website for further information.
Seven Borders locations in Ohio will close, including stores in Medina and Mentor. Other stores to close are in greater Columbus, Cincinnati and Dayton.
The Ann Arbor, Mich.-based company has struggled to keep pace with the changing market for books, CDs and movies.
“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 and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term,” Borders Group President Mike Edwards said in a press release.
The release said about 30 percent (about 200) of the company’s stores identified as “underperforming” would close in the next several weeks. It said the company had secured a commitment of more than $500 million from a group led by GE Capital to help with the restructuring.
Fans of the bookstore reacted with mixed emotions on the company’s Facebook page.
Meanwhile, it’s business more or less as usual at the Howe Avenue Borders store.
Jenn
12:19 pm on Saturday, February 26, 2011
I'm glad our Borders is staying open! Thanks for the info.