Borders Agrees to Purchase
Bankrupt bookseller Borders agrees to sell itself for $215 million. Reuters

Borders, a bookseller currently in the midst of bankruptcy hearings, said its lenders want an additional 51 stores closed.

Borders closed 226 stores after filing for backruptcy protection in February, while about 400 stores remain. The company also is looking for a new owner.

Stores located in Penn Station, Columbus Circle and JFK International Airport are the only New York City locations that may close, according to documents filed in bankruptcy court. Borders has until Sept. 14 to decide if the leases will be renewed.

We're working with both our lenders and our landlords, Borders spokeswoman Mary Davis told Reuters.

It's fluid and ongoing, and premature at this point to guess, she added in regard to the number of stores that may actually close.

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