Speaking to vendors and reporters Borders Group President Mike Edwards indicated that the financially-troubled bookselling chain will close up to 75 additional stores. When Borders filed for Chapter 11, the chain announced that 200 stores would close (see “Borders Files Chapter 11” and “Borders Liquidations Underway”) and indicated that another 75 stores might also be affected. According to Edwards the 75 additional stores will be chosen from a list of 136 “bubble” stores.
According to the Detroit Free Press, the decision on which 75 stores to close will be based on potential concessions from landlords who were given until thisWednesday to indicate whether they would be willing to give concessions on rent in order to keep a store from closing. The 75 stores in question are all superstores.
Edwards also said that Borders’ 20 largest vendors, which account for 63% of the chain’s sales, are all currently shipping to Borders. These vendors are not, however, accepting returns—and Edwards emphasized that the resumption of normal trade terms, which includes the ability for Borders to return unsold books, is essential for the chain’s survival