Business & Tech

Beachwood Borders Spared in Company's Chapter 11 Filing

Two stores in area to close

Borders Group, Inc., announced that the company filed for bankruptcy in New York this morning and it will close 200 of its 642 stores nationwide.

Beachwood's La Place’s Borders* is not one slotted to close at this time and spokesperson Donald Cutler said Wednesday that additional layoffs are not planned at this time.

The company is losing $2 million weekly on approximately 200 underperforming stores, according to the bankruptcy filing. The filing also states that closing up to 75 additional stores may be necessary.

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Inventory is no longer being shipped to the stores that are to close by April, which include seven across Ohio and two in the region: Mentor and Medina.

Borders also operates stores in Tower City, Strongsville, Solon and Westlake.

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According to the filing, the company has $1.28 billion in assets and $1.29 billion in debt. Over 18,000 workers are employed nationally by the company, 5,842 of whom are full-time.

Borders closed 219 stores, mostly Waldenbooks, in 2009 and an additional 45 in 2010.

Read more about the bankruptcy from DailyFinance and about the Mentor store closing from our neighbors at

Editor's Note: The original version of this article said that Borders is in the Beachwood Place Mall. In fact, it's in La Place.


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