Borders store closings are on the way. We're just not sure how many are due yet after the struggling retailer shut 200 last year.
The move comes as Borders delays payments to landlords and vendors for the second straight month. And all of this is happening despite a recent $550 million loan from GE Capital.
Of course, none of this is a surprise. This sector of retail keeps facing declining book sales, and like Blockbuster, it is tough for retailers to remake themselves in the age of e-readers and online content. But Borders' larger rival Barnes & Noble seems to be figuring things out of late with improved sales.
This is also taking place when other areas of retail are turning around and doing the opposite of Borders' contraction. Chains like Dick's Sporting Goods and Aldi are expanding rapidly as retail sales improve and expansion plans get ramped up again.
Are there any landlords out there expecting to lose a Borders soon? Or can anyone think of effective reuses of these stores?
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