Borders files bankruptcy: Closing book stores in South Florida, Orlando and beyond
Borders announced today it has filed for bankruptcy protection and plans to close 200 of its 500 superstores in the next several weeks, including stores in Fort Lauderdale, Plantation, Orlando and elsewhere in Florida.
At least 15 Florida Borders stores have made the hit list, including 2240 East Sunrise Blvd. in Fort Lauderdale; 12171 West Sunrise Blvd. in Plantation; 1051 W. Sand Lake Road in Orlando; and others in Tampa, Altamonte Springs, Jacksonville, Ocoee, Oviedo, Gainesville, Jensen Beach, Naples, Brandon, Clearwater, Fort Myers and Sarasota.
This could be the beginning of the end for what had become the second-largest bookstore chain in the U.S. Could it also be another sign of the times that book reading is moving faster and further into the digital age, leaving dead-wood media in the rear view mirror? Remember, Amazon recently announced it is selling more e-books than both paperbacks and hardcovers.
Ia statement issued today, Borders president Mike Edwards said “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.”
Edwards holds onto hope that Borders will still have a bright future ahead, saying: “This financing should enable Borders to meet its obligations going forward so that our stores continue to be competitive for customers in terms of goods, services and the shopping experience. It also affords Borders the opportunity to move forward in implementing the appropriate business strategy designed to reposition Borders to be a potentially vibrant, national retailer of books and other products,” Mr. Edwards emphasized.”