Borders Files for Bankruptcy Protection, Woodbridge Store to Stay Open

Popular book store chain Borders filed for bankruptcy protection this morning and will be reorganizing its company for the long-term by closing stores. 

But, the Woodbridge location has been spared.

Although the company is not going out of business, it will be reducing 30 percent of the national company's store network – specifically stores that have been labeled as "underperforming."

According to a list from the Wall Street Journal, Borders locations in Vienna, Kingstowne, Stafford and Washington, D.C. will be closing. Borders said that it will be operating as usual despite the cuts, and will be maintaining rewards programs such.

“In this regard, operating under Chapter 11, Borders has received commitments for $505 million in Debtor-in-Possession (DIP) financing led by GE Capital, Restructuring Finance. This financing should enable Borders to meet its obligations going forward so that our stores continue to be competitive for customers in terms of goods, services and the shopping experience. It also affords Borders the opportunity to move forward in implementing the appropriate business strategy designed to reposition Borders to be a potentially vibrant, national retailer of books and other products,” said Mike Edwards, Borders Group President in a press release.