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UPDATE: Redmond Town Center Looking for Tenant to Replace Borders

The national bookstore chain has announced it plans to close all of its remaining stores.

Property managers at Redmond Town Center are already searching for tenants to replace the shopping center's Borders bookstore, according to Steven Chaffee, a senior manager at the town center.

The national bookstore chain plans to close all of its remaining 399 stores, according to a report from the Associated Press.

Details on the future of the remain unknown at this time, but its eventual closure appears all but certain. A store manager said Monday that she had no additional information.

In an email to Redmond Patch, Chaffee said the town center is already "exploring other uses for the space" that is currently occupied by Borders.

"Retail is all about what’s new and fresh, and we look forward to the opportunity to bring a compelling new retail concept to Redmond Town Center," he said. "When we have the opportunity to re-lease well-positioned spaces in our shopping center, we view it as a chance to bring new energy to the merchandise mix.

"No question this is time of change in the retail industry, and over the coming months it’s possible there might be other store closures," Chaffee continued. "Should this happen, we are ready, and in the meantime we are working closely with all our retailers to help them meet their business goals and bring a terrific shopping experience to this community."

Borders filed for bankruptcy in February and announced it was closing more than 200 stores. If a U.S. bankruptcy court approves Borders' new request to close its remaining stores, liquidation sales could start as soon as Friday, the AP reported.

A Borders news release cited the poor economy and industry changes as reasons for the company's struggle.

"Following the best efforts of all parties, we are saddened by this development," Borders Group President Mike Edwards stated in the release. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now."

Margaretq July 19, 2011 at 03:54 AM
I was just in the Redmond Borders this past weekend, listening to the coffee barristas trying to sell Borders memberships for $20 a pop. When I pointed out to both the man to whom they were trying to sell a useless membership, and the barristas, that Borders was going to be liquidated (per the Wall Street Journal more than a week ago), and that the money spent on any membership, or even a gift card, would be lost, the barrista emphatically denied that they were closing. Absolutely no ethics!
D Bharadwaj July 21, 2011 at 05:58 PM
Its sad- Borders was a landmark, but they made a huge mistake giving up their core-business to Amazon 10 years ago. They are paying for it now.

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