Borders Extends Leases on Six Stores, But Forty-Five Stores May Soon Close

Posted on June 14, 2011

A report last week indicated that lenders may force Borders to close as many as 51 more stores. The 51 stores include some of Borders most profitable stores.

A new report from Reuters says Borders has managed to reach lease extensions on six of the stores and keep them from closing. However, it is still working on lease extensions at 45 stores. The struggling book retailer will hold an auction on June 16 to find an agent to close and liquidate any of the stores where it is unable to get a lease extension.

Reuters says the Manhattan's Columbus Circle store is one of the stores that Borders might have have to close.