After initially deciding to keep the Borders location in Wilmette open as the company goes through bankruptcy reorganization the bookseller has changed its mind.
Less than a month after Borders Group Inc. filed for Chapter 11 bankruptcy, the book store located at 3232 Lake Ave. will be one of the next to close, according to a Crain’s Chicago Business article Friday.
“We had always intended on going further, but we have reached a determination that these stores are not economically viable going forward,” said Borders Spokesperson Rosalind Thompson about the decision to close the book store in Willmette and other locations.
“We have been working with our landlords and where we have gotten cost reductions the stores will stay and where not they will close,” Thompson said.
The closing of the north suburban store is one of 26 additional locations set to lock their doors. Originally deciding to close 200 sites the company has now chosen to reduce even more in size, the article said.
And more stores could be closing if they are deemed unprofitable or further negotiations with store landlords goes, a spokesperson said.
"If we can't come to an agreement we will close them," Thompson said.
According to Crain’s, after the closing there will only be around 400 stores left.
The closing at the Edens Plaza will also drop the occupancy of the shopping center to 82 percent, the article said.
This latest move by the Michigan-based chain, is part of a process that the company hopes to be able to lay out for its creditors by April in order to decrease in size and become more profitable, Crain's said.