Landlords anxious to know whether their centers will be affected by the Borders reorganization will have to wait a little longer. On Wednesday, the bankruptcy court granted the retailer an extension to decide which leases to keep and which to terminate. In addition, the court approved $505 million in debtor-in-possession financing Borders arranged prior to filing for Chapter 11.
The Wall Street Journal reports that Borders executives would like to exit bankruptcy protection by summer's end and are seriously considering closing an additional 75 stores, on top of the 200 closings confirmed subsequent with the chain's bankruptcy filing. For more stories about retail and retail real estate, follow the links below:
- American Eagle Closing Up to 100 U.S. Stores Through 2013 (RIS)
- Simon to GGP Shareholders: Here's What You Missed (The Wall Street Journal)
- GGP Bankruptcy Bonuses Total $181.5M (The Wall Street Journal)
- 7-Eleven to Add at Least 500 Stores in the U.S. and Canada (Convenience Store News)
- Walmart Unveils Plan for 6 Chicago Sites (Supermarket News)
- Zell Deputy Leaving for General Growth Rival (Chicago Real Estate Daily)
- Chic, Along Fifth Ave., Moves Below 50th St. (The New York Times)
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