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Sunday, June 12, 2011

Closing of six Borders stores averted

Some airport bookstores saved.

Nick Brown reports that the administrators of bankrupt Borders group has managed to avert the closing of six stores, by reaching an agreement with their landlords.

Up until then, it looked as if 51 stores would be closed, under the terms of a $505 million bankruptcy financing loan from GE Capital.

That number is now lowered to forty-five.

In an echo of events concerning Borders-Whitcoulls in New Zealand, the salvaged locations are focused heavily on airports.  They include Boston's Logan International Airport, Raleigh-Durham Airport, and two locations in Detroit Metro Airport.  The other two are stores in Westland, Michigan, and Mansfield, Connecticut.

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