Borders to close stores in D.C. and Virginia
- February 17, 2011
Borders Group Inc. will close 200 stores, including seven in Washington D.C., and Virginia as part of the company’s Chapter 11 reorganization process.
Stores in Henrico County, Newport News, Stafford, Vienna and Winchester are expected to close by the end of April. The company, based out of Ann Arbor, Mich., has said it will continue to honor gift cards and its Borders Rewards program.
“In light of the ongoing impact of the difficult economy of the past few years, and the rapidly changing retailing environment for books and related products, it is essential that Borders restructure itself to reposition its business to be viable and successful over the long term,” the company said in a statement.
Borders filed for Chapter 11 bankruptcy protection in New York. Since it’s a major tenant in many shopping centers throughout the country, the reorganization is being followed closely by the commercial real estate industry.