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The national store Borders is filing for Chapter 11 bankruptcy, and the Springfield store is expected to close. KSMU’s Adam Hammons reports.
Over the past few years the music and book industry has changed. More people are buying both books and music online without ever having to go to a store. After a long struggle to stay afloat, the book and music store Borders is filing for Bankruptcy. The 40-year-old company plans to close about 30 percent of its stores, or about 200, over the next few weeks.
According to an email from Mary Davis, a spokesperson for Borders, Springfield is one of the stores expected to close.
The company will receive 505 million dollars in financing from GE Capital and others to help it reorganize.
Rosalind Thompson is a senior Vice President for Borders.
“Because of our liquidity issues, we felt we that did not have the capital resources to be a viable competitor and it was essential for us to move forward with our business strategy. We needed to reposition ourselves and this was the best way to do it.”
Some local bands are sad about seeing Borders go. The local store was a venue for many bands where they could play and sell CDs.
Dallas Jones is a musician who played at Borders sporadically. He says at least one month out of the year Borders would do a concert series called Queen City Shout.
“They were always really good about it. If I called them and say, ‘Yeah, I’d like to play,’ they’d just say, ‘Alright, come in on such and such date,’ and we’d do it. I always looked forward to playing there. I’m pretty sad to hear that they’re going to be closing up.”
Jones says he always had fun playing at Borders and was able to sell several CDs there.
“It wasn’t one of those high paying gigs but one of those that always made you feel good after playing it.”
The Springfield Borders is expected to close by the end of April.
For KSMU News, I’m Adam Hammons.