Staff Photo: Jonathan Phillips
The Borders bookstore at the Mall of Georgia is one of about 200 locations that the company is closing across the nation after announcing bankruptcy on Wednesday.
NEW YORK (AP) -- A judge on Tuesday granted Borders a 90-day extension to determine how many additional stores it will close as it reorganizes under bankruptcy protection.
Borders said in February, when it filed for Chapter 11 reorganization, that it planned to close 200 stores. It now seeks to close up to 75 more, although the number is likely to be closer to 20 to 25, Borders spokeswoman Mary Davis said.
The Ann Arbor, Mich., company will receive more time to negotiate with landlords, confirmed Borders Attorney David Friedman. The 90-day extension gives it until Sept. 14.
Borders hopes to have a formal reorganization plan to present to its creditors by early April and plans to exit bankruptcy in August or September.