List of Borders store closings to be released this afternoon
Update at 11:35: The list of store closings came out in a bankruptcy filing this morning, and Ann Arbor's Arborland store is on the list to close.
Now that Borders has filed for bankruptcy, the next major questions on the horizon for employees, property owners and communities will be: Which stores will close? And will Ann Arbor, Mich. retain its 3 stores?
That list is expected to be released this afternoon.
"We have not published a list, but will likely late this afternoon," wrote spokesperson Mary Davis in an email reply to AnnArbor.com this morning. "We’ll post it on our press site on Borders.com."
Chapter 11 bankruptcy allows the chain to open all of its leases for renegotiation, so all facilities now face possible changes.
Four key Borders facilities are located in Washtenaw County:
â€¢ The corporate headquarters at 100 Phoenix Dr. This property, owned by Agree Realty and under-occupied by Borders now that the corporate headcount fell to about 550, was listed for sale in early fall. It's a 460,000 square foot building, the largest office property in the city and worth more than $800,000 to the city's tax revenue. The company now can downsize in that building, while cutting costs - or move. (The list price of the building - $18.349 million - also was more than Borders overall value, based on its stock price this week.)
â€¢ Downtown Ann Arbor at 612 E. Liberty. It's the flagship store and located in the former Jacobson's Department store, making it an anchor retail store and a true shopping destination. But the bankruptcy filing - done in New York - noted two other "flagship" store in Manhattan, so does the Ann Arbor store's connection to Borders history carry weight today?
â€¢ Arborland. This store was a key element of the repositioned mall when it reopened as an open-air power center several years ago. The location is strong and traffic counts are high. Unclear is what kind of profit margin the store generates. If it makes money, some say this could be a leading contender to stay open.
â€¢ Waters Place, 3140 Lohr Road in Pittsfield Township. This store carries a big footprint, since it was the new superstore prototype for the book seller when it opened in 2008. The company made and admitted many inventory missteps since then, and the chain suffered under the weight of too much space. Renegotiating the lease could make a difference for the chain.