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Business & Tech

Langhorne Borders Store To Close Soon

Local Bookstore 1 Of 200 Stores In National Chain Closing By April

Borders Group, the second largest book chain in the United States, announced it will close almost one third of its 514 stores by the end of the quarter, including Levittown's local Borders Superstore on Lincoln Highway.

The company filed Chapter 11 bankruptcy Wednesday morning. The filing was first reported as a rumor by the Wall Street Journal last week, which revealed the dire financial straights the once book-selling giant was actually in -- $1.29 billion in debt -- more then its actual worth in assets.

The knock-out blow to the struggling company, already damaged by Internet retailers and hefty lease acquisitions, came from the announcement in January that several major publishers were halting shipments due to the company not making timely payments.

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The Chapter 11 filing is likely the best shot the company has to get back on its feet. The company is currently seeking a $450 million loan from GE Capital. The debtor-in-possession loan will attempt to ensure that the non-liquidating stores will remain stocked.

Even so, publishers continue to flee from continued dealings with Borders. Wiley and Sons, a N.J. book publisher most known for the For Dummies series of instructional books, has joined the growing list of publishers who have walked away from Borders. Wiley recently wrote off $9 million in owed payment by Borders as bad debt.

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News of the bankruptcy shook investors. The stock dipped to 22 cents a share. The news also shook employees, who are now left with an unknown future.

"I almost cried – honest," said Vincent Santomarco, an 18-year-old bookseller.

Santomarco was working at the local superstore, store 204, when the announcement of its closure came down the line.

"I love the people here, and even though it's only been a short while, I feel like I've worked here with them for years," Santomarco said.

Jennifer Mealy, a 26-year-old teacher, began moonlighting at the local bookstore when she was looking for a flexible summer job.

"What I'm really going to miss (about working at Borders) is the sense of community. People that came in began to know you. You began talking about your tastes and we'd end up getting to know them well too," Mealy said.

Mealy said she was unsure on what she planned to do after the store closed.

The Borders Express store, formerly Waldenbooks within the Oxford Valley Mall, will remain open at this time. But, with the company reserving the right to close 75 extra stores within the quarter, its fate is remains uncertain. If both stores close down, Barnes and Noble will be the sole brick-and-mortar book retailer in Levittown.

The store will begin liquidation over the weekend and is expected to close permanently by April.  

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