ANN ARBOR (WWJ) – Liquidation sales get underway Saturday morning at more than 200 Borders bookstores around the country. The Ann Arbor-based chain is closing the outlets as part of its Chapter 11 bankruptcy filing earlier this week.
Four metro area stores are closing, in Dearborn, Grosse Pointe, Utica and the Ann Arbor area.
Borders has over 600 stores nationwide.
WWJ Newsradio 950’s Frank Sippola at the Wall Street Journal Network reports Borders was given interim approval by a New York bankruptcy judge to use $400 million dollars of a line of credit to pay vendors as the company struggles to stay in business as it reorganizes under bankruptcy protection.
Borders declared bankruptcy earlier this week. The bookstore has seen book and music sales sink as more customers go digital.