Borders Files Chapter 11 Bankruptcy

FYI...From the email and website:

In light of the ongoing impact of the difficult economy of the past few years, and the rapidly changing retailing environment for books and related products, it is essential that Borders restructure itself to reposition its business to be viable and successful over the long term.
To that end, we have determined the best route to undertake the necessary reorganization of our business is through the filing of a petition for reorganizational relief under Chapter 11 of the Bankruptcy Code....


Please be assured that during this reorganization period:

• Borders stores are open for business. We will continue to provide our customers with a vast assortment of books in a warm and relaxing environment - and we intend to build on this. Our stores will continue to be places where families can gather to enjoy enriching events including author readings and signings, book clubs as well as kids storytime and parties.
• Borders.com is operating as usual. We are fulfilling online orders as customers choose from among more than two million books, music, movies as well as other entertainment items.
• Our Borders Rewards programs, including Borders Rewards Plus, remain in effect. Customers can continue to earn and redeem their Rewards in stores and on Borders.com and they'll also continue receiving coupons. As always, we are honoring gift cards, which can be redeemed in stores and online at Borders.com.
• Borders will continue to maintain its strong national presence. Our nationwide network of stores is a key foundation of the Borders brand. Borders, however, will be closing underperforming stores within our network over the next several weeks. Should your local store be affected, please visit Borders.com to find another Borders store near you, or to purchase our vast selection of books and other merchandise on-line.

Through this process, we intend to put in place a sound financial structure, enhance Borders' technology to better benefit you, our customers and introduce new and exciting products related to our book offerings - all while providing you with great customer service

**This does NOT mean the company is disappearing....that would be Chapter 7 Bankruptcy.  Chapter 11 means they are keeping part or all of the business running while working with creditors to restructure debt owed.  Does this mean my local Borders might be closing?.........possibly.  The statement says "Borders, however, will be closing underperforming stores within our network over the next several weeks".  I wouldn't panic right now....but keep an eye on things if you have gift cards you need to use. Note that they are accepting gift cards online as well.