Borders filed for bankruptcy protection on Wednesday and plans to close 200 of its 642 stores over the next few weeks.
Six of the stores listed for closure are in Connecticut.
- 59 Pavilions Drive, Manchester
- 1201 Boston Post Road, Milford
- 110 Federal Road, Danbury
- 500 Bushy Hill Road, Simsbury
- 14 Danbury Road, at Gateway Center, in Wilton
- Southbury Plaza, 100 Main Street North, Spc. 17 in Southbury
All of the stores closed will be superstores.
Clearance sales could begin as early as this weekend, according to documents filed with the U.S. Bankruptcy Court in New York. Borders said it is losing about $2 million a day at the stores it plans to close.
Cautious consumer spending, negotiations with vendors and a lack of liquidity made it clear Borders "does not have the capital resources it needs to be a viable competitor," Borders Group Inc.President Mike Edwards said in a written statement.
Borders has suffered from a series of errors: failing to catch onto the growing importance of the Web and electronic books, not reacting quickly enough to declining music and DVD sales, and hiring four CEOs in 5 years without book-selling experience.
"Books and content just became so available at so many other locations, online and offline, the 'grow, rinse, repeat' mindset just wouldn't work anymore," said Michael Norris, senior trade analyst at Simba Information.
View Borders Closing in a larger map