TULSA, Oklahoma -- Two Borders stores in Oklahoma are on the list of stores that will be closing after bookseller announced Tuesday morning it had filed for bankruptcy protection.
The nationwide retail chain made the announcement after it was sunk by crushing debt and sluggishness in adapting to a rapidly changing industry.
The 40-year-old company plans to close about 200 of its 642 stores over the next few weeks.
Borders Group Inc. President Mike Edwards said in a written statement that cautious consumer spending, negotiations with publishers and other vendors and a lack of liquidity made it clear Borders "does not have the capital resources it needs to be a viable competitor."
According to Borders, the stores in Oklahoma on the closure list include:
Borders announced last month, four Waldenbooks in Oklahoma, which are owned by Borders were set to close either in late January or early February.