Maui Borders Slated for Closure
By Sonia Isotov
Many on Maui are going to miss the Maui Marketplace Borders store in Kahului when it closes at the end of May 2011.
On the heels of its Chapter 11 bankruptcy filings, Borders has released an updated list of stores slated for closure, and despite missing the first round of closure announcements, the Maui store is slated for closure now.
According to a statement released by the company yesterday, the U.S. Bankruptcy Court for the Southern District of New York has approved Border’s previously-disclosed strategic Store Reduction Program which facilitates its reorganization and repositioning.
Borders said that it has entered into agreements with liquidators to conduct the closure of 200 underperforming stores that are part of the program. Borders expects the majority of stores to be closed by the end of April 2011, which includes the Kailua-Kona and Lihue stores in Hawaii. The Maui and Waipahu stores will close at the end of May 2011, according to its Chapter 11 Reorganization Closure list also posted on its website.
In addition, Borders announced that, as part of this Program, the affected stores could begin promotional sales as soon as this coming weekend.
Borders filed to reorganize its U.S. businesses under Chapter 11 on February 16, 2011 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 11-10614(MG).