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The Next Chapter: Borders Book Stores to File Bankruptcy
Borders, one of the country's last remaining multi-state book retailers, is expected to file for bankruptcy early next week. "This is likely to be ugly," says LA Observed, noting: "Initial plans are to close about 200 of the chain's 674 stores, with an option to shut down another 50. That's thousands of lost jobs." LAO says they counted around 35 SoCal stores on the Borders site.
The problem: Big time cash problems. Several bills haven't been paid since late 2010, and the company has been pushed to "to use bankruptcy proceedings to close stores and become more viable, said a person familiar with the situation," per the WSJ.
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This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
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