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Tucson Bankruptcy Law Office
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Borders Bankruptcy and Liquidation
Borders Group Inc, the 2nd largest bookstore chain, has canceled an upcoming bankruptcy auction and will instead close its doors for good. Borders will close all of it’s 399 stores. Arizona will lose the remaining Borders book stores in Glendale, Mesa, Tucson, and Phoenix as liquidation of all Borders assets will soon begin at all of the Arizona Borders locations.
Borders has been struggling financially for quite some time, bankruptcy and liquidation will put an end to the financial struggles. At its peak in 2003, Borders operated 1249 stores. Borders currently only operates 399 stores as store closings and cutbacks during the past 8 years have reduced their number of stores, however, the efforts to save Borders Group Inc, have failed.
Borders filing for bankruptcy adds their name to the growing list of once popular chain stores having to file for bankruptcy. Circuit City, Mervyn’s, and Linen N Things are some of the other big names on the list of once a must visit stores that are now on the list of out of business stores.
The closing of the Borders stores will have an effect on the nation’s and Arizona’s unemployment rate as 10,700 employees nationwide will need to find work elsewhere. Shopping Centers owners will also have to find tenants to replace the 25,000 square feet of retail space that an average Borders store occupies.
The closing of Borders will leave Barnes & Noble as the only remaining national bookstore. Barnes & Noble was Borders main competitor, they have Arizona stores in: Ahwatukee, Chandler, Flagstaff, Gilbert, Goodyear, Mesa, Peoria, Phoenix, Prescott, Scottsdale, Surprise, Tempe, Tucson, and Yuma, Arizona.
The Borders bankruptcy is just another example of how financial hardship and having to declare bankruptcy can happen to anyone, even the “Big Boys.” If you find yourself facing bills that you can’t pay and creditors that are harassing you with letters and phone calls, you may want to seek the opinion of a Qualified Mesa or Tucson, Arizona Bankruptcy Lawyer who can help guide your through any current financial problems you may be having.
Filing for bankruptcy is not the right choice for everyone, for Borders Inc., it was, get a Free Debt Evaluation today and find out if bankruptcy is the right choice for you. Contact the My AZ Lawyers, PLLC, set up a free consultation and debt evaluation today. Things are tough out there, even the stores that seem like they are stable are struggling. It’s OK to seek help and get your questions answered. Call (480) 833-8000. Get some help today!