List of Borders store closings to be released this afternoon
Update at 11:35: The list of store closings came out in a bankruptcy filing this morning, and Ann Arbor's Arborland store is on the list to close.
Now that Borders has filed for bankruptcy, the next major questions on the horizon for employees, property owners and communities will be: Which stores will close? And will Ann Arbor, Mich. retain its 3 stores?
That list is expected to be released this afternoon.
"We have not published a list, but will likely late this afternoon," wrote spokesperson Mary Davis in an email reply to AnnArbor.com this morning. "We’ll post it on our press site on Borders.com."
Chapter 11 bankruptcy allows the chain to open all of its leases for renegotiation, so all facilities now face possible changes.
Four key Borders facilities are located in Washtenaw County:
• The corporate headquarters at 100 Phoenix Dr. This property, owned by Agree Realty and under-occupied by Borders now that the corporate headcount fell to about 550, was listed for sale in early fall. It's a 460,000 square foot building, the largest office property in the city and worth more than $800,000 to the city's tax revenue. The company now can downsize in that building, while cutting costs - or move. (The list price of the building - $18.349 million - also was more than Borders overall value, based on its stock price this week.)
• Downtown Ann Arbor at 612 E. Liberty. It's the flagship store and located in the former Jacobson's Department store, making it an anchor retail store and a true shopping destination. But the bankruptcy filing - done in New York - noted two other "flagship" store in Manhattan, so does the Ann Arbor store's connection to Borders history carry weight today?
• Arborland. This store was a key element of the repositioned mall when it reopened as an open-air power center several years ago. The location is strong and traffic counts are high. Unclear is what kind of profit margin the store generates. If it makes money, some say this could be a leading contender to stay open.
• Waters Place, 3140 Lohr Road in Pittsfield Township. This store carries a big footprint, since it was the new superstore prototype for the book seller when it opened in 2008. The company made and admitted many inventory missteps since then, and the chain suffered under the weight of too much space. Renegotiating the lease could make a difference for the chain.
Comments
Betty
Thu, Feb 17, 2011 : 5:37 p.m.
I live on Long Island in New York. I, and many others, are upset over the choice of stores that Borders is closing. Although it seems that they are claiming it is the high cost of rent, I think that is an easy out. After reading the article in Newsday, our Long Island newspaper, about the 2 stores that they were closing, I called the 1-877 number and got to talk to someone who apparently was not in this country. I gave up. They are keeping the store in Syosset, an affluent community, and Valley Stream, I don't know how to describe this one, open in Nassau. They are closing the store in Westbury, which is more lower middle class, but is centrally located. In Suffolk County, they are keeping the store in StonyBrook open, also an affluent community, but closing Commack, also a middle class area. I feel they are picking the rich over the mainstream. Those of us who shop at Borders, choose to because we really are not happy with Barnes and Noble and the feel that their store took on when they changed. Syosset and Valley Stream are way out of the way, so I guess I will not have a bookstore that I can go to. I went to the Westbury store to see if I could get a number to call that was in this country and the lady just said that was the number and there was nothing I could do. I still would like to voice my opinion to management.
MyOpinion
Wed, Feb 16, 2011 : 10:07 p.m.
Here's a sortable list: <a href="http://s.wsj.net/public/resources/documents/st_borders0216_20110216.html" rel='nofollow'>http://s.wsj.net/public/resources/documents/st_borders0216_20110216.html</a>
Tre Helm
Wed, Feb 16, 2011 : 4:11 p.m.
Closing the Arborland store is just another poor decision in a long list that has landed them in bankruptcy in the first place. The Arborland store, as stated in the article, is a strong store with a high amount of trafic. Closing this store leaves us with only Barnes and Noble on the east side of Ann Arbor. This leaves no wonder at all into why they are a dying company. Sad.
Haran Rashes
Wed, Feb 16, 2011 : 3:43 p.m.
The New York Times has posted a list of stores Borders will be closing through bankruptcy protection at: <a href="http://dealbook.nytimes.com/2011/02/16/borders-files-for-bankruptcy/?hp" rel='nofollow'>http://dealbook.nytimes.com/2011/02/16/borders-files-for-bankruptcy/?hp</a> Unfortunately, it looks like the Arborland location will be closing.