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The Borders bookstore on Route 7 in Wilton will close after the Borders Group filed for reorganization relief under Chapter 11 of the Bankruptcy Code on Wednesday, a company statement says. Part of the reorganization includes closing about 200 stores nationwide.
This decisive action will give Borders the opportunity to achieve a proper infusion of capital in order to have the opportunity to have the time to reorganize in order to reposition itself to be a successful business for the long term, Mike Edwards, Borders Group president, says in the statement. In its bankruptcy filing, the company cited more than $500 million in debt.
Besides the Wilton store, five other Borders in the state will close as the organization trims its locations by 30 percent. The stores in Stamford and Fairfield will remain open, but Borders locations in Danbury, Milford, Southbury, Simsbury and Manchester will close.
The statement says the company decided to close stores based on economic conditions, cost structures and viability of locations, among other factors, and not on the dedication and productivity of the workforce in these stores.
The closings are expected to take place in the next few weeks. Until then, however, Borders will serve customers in its normal capacity and will honor Borders Rewards, gift cards and other customer programs. Also, the company plans to keep up with payroll and benefits for employees.
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