Bookstore giant Borders is closing stores in several states after filing for Chapter 11 bankruptcy, the retailer said Wednesday.
The closings are expected to start rolling out in a few weeks – and clearance sales will start this weekend.
The Ann Arbor, Mich.-based bookstore reportedly owes $41.1 million to Penguin Putnam, $36.9 million to Hachette Book Group, $33.8 million to Simon & Schuster, and $33.5 million to Random House.
The Borders closings are affecting stores across the United States – and some states are more affected than others.
Some cities – like Milwaukee – are losing all of their stores. Other cities were spared the closing hammer.
It's probably a good time to make a trip to Borders if you have one of their gift cards on hand, even if your store isn't one of those affected.
Why? Because stores are known to cut-off gift card purchases when reorganizing. Sharper Image did just that in 2008 during their bankruptcy proceedings – they temporarily suspended gift card purchases and instructed their customers to either file a claim as a creditor or take a one-time 25 percent discount on a purchase at Sharper Image. Obviously, neither were popular with customers.
So, get to shopping with those gift cards asap – and support Borders will you still can.
And you'll see personalized content just for you whenever you click the My Feed .
SheKnows is making some changes!