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Borders to Extend Leases Despite Bankruptcy

In an effort to meet its Chapter 11 bankruptcy requirements, Borders has announced its efforts to extend leases on 11 stores and halt going-out-of-business sales.

At this time, Borders' officials believe that the company will not be able to pay off its debts unless its 51 stores are liquidated. These stores will be closed and the inventory sold off unless current leases can be renegotiated with leaseholders. The company has been successful in extending the leases of 11 stores in Illinois, Maryland, New York, Michigan, North Carolina, Connecticut and Massachusetts.

After a meeting with creditors on Monday, the company canceled the auction to pick a liquidator for its remaining stores. Another hearing will be held later this month after talks with creditors have finished. Before Borders filed for Chapter 11 bankruptcy, the company had 642 stores across the country. Since then, 228 stores were closed, leaving 400 that are still in operation.

If you're on the verge of filing for bankruptcy in Illinois, now is the time to contact our legal team to discuss your options with an understanding Chicago bankruptcy attorney who can offer advice.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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