Borders closes four Twin Cities stores in bankruptcy move
Borders, the bookseller, has been teetering on the edge of bankruptcy for a while now, hamstrung by online competition and the recession, so its Chapter 11 filing is hardly a surprise.
That doesn't make the news any easier for employees at four of the company's Twin Cities locations: As part of a 30 percent reduction in retail outlets, Borders stores in Maple Grove, Richfield, St. Paul's Midway neighborhood, and Minnetonka are closing.
The Coon Rapids, Roseville, and Woodbury outlets have survived the chopping block--for now.
"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," the company said in a statement.
The closings will take place in the next few weeks. Meanewhile, online retailing at borders.com carries on as usual, the company said.
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