Borders stores in the San Fernando and Santa Clarita valleys would close under a bankruptcy plan of the beleaguered bookseller. The Michigan-based retailer filed for Chapter 11 bankruptcy reorganization to get itself out from under a staggering debt of more than $1 billion. The chain will close 200 stores, including locations in Glendale, Sherman Oaks and Valencia. All other stores will continue to operate and the chain will continue honoring gift cards. The closures are a reflection of economic conditions, cost structures and viability of locations, among other factors, the company said in a release. “We are confident that, with the protection afforded under Chapter 11 and with the support of employees, publishers, suppliers and creditors, and the reading public, a successful reorganization can be achieved enabling Borders to emerge from the process as a stronger and more vibrant book seller,” said Mike Edwards, Borders Group President.
