Business/Finance

Borders could close up to 51 stores

Thursday, June 09, 2011
FILE - In this file photo made March 31, 2009, a Borders Books & Music sign is displayed at the bookstore in Peabody, Mass.

FILE - In this file photo made March 31, 2009, a Borders Books & Music sign is displayed at the bookstore in Peabody, Mass. (AP Photo / AP Photo/Lisa Poole, File)

Borders Group says it may have to close dozens of its best-performing stores due to a requirement of its bankruptcy financing if their landlords don't agree to lease extensions.

Borders, which filed for bankruptcy court protection in February, has new lease agreements for 365 stores. But it said in a court filing Thursday that it is still negotiating lease extensions for 51, many of which are among its top-selling stores.

A Borders spokeswoman says the company, based in Ann Arbor, Mich., wants to keep most of its remaining stores open and is working both with its lenders to waive the store-closing requirement and with landlords to get extensions.

The company says it is in talks with several potential buyers for its stores or its business as a whole.

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