Borders Files For Bankruptcy
It’s official. Borders filed for Chapter 11 bankruptcy today, bring to a close the 7 week long death watch. The 40-year-old company plans to close about 30 percent of its stores, or about 200, over the next few weeks. Borders listed debt worth $1.29 billion and assets of $1.28 billion (as of Christmas 2010) in its Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan.
The largest creditor listed in the filing was Penguin Putnam, with a $41 million claim.
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