Chicago, IL -
The Borders store and Broadway/Clark/Diversey, a favorite Boystown hangout, will be closing as the book chain declared Chapter 11 bankruptcy Wednesday.
The Ann Arbor, Mich., company said Wednesday it will close 200 locations, 30% of its stores, nationwide. Many other locations in the Chicago area, including North and Halsted, Michigan Avenue and Broadway and Lawrence will also be shuttered.
Borders has been in financial trouble for some time as a result of the recession. Brick-and-mortar booksellers like Borders have long struggled with Internet-only retailers and a change to digital media by consumers.
According to the petition filed in U.S. Bankruptcy Court in New York, liquidation sales at closing stores could begin as soon as this weekend.