How does Borders Bankruptcy filing affect New Yorkers?

Many of you probably heard that Borders filed for bankruptcy and the general misconception of the word "bankruptcy" is that the business shuts down and you won't see any more of its stores. Not to get involved in too much bankruptcy law, but since it filed for relief under Chapter 11 - the company will "reorganize" and will later "re-emerge" out of bankruptcy with a better balance sheet that allows Borders to operate more competitively with its peers.

So what does this mean to you? As part of the Borders Group announced closure of approximately 30% of its nationwide stores, 3 out of 8 Border locations will shut down in New York according to The New York Times.

Border Location Expected Closures:

1. 461 Park Avenue - Park Avenue at 57th Street.
   
2. 576 2nd Ave. - Second Avenue at 32nd Street
   
3. 100 Broadway - Broadway near Wall Street.

Remaining Borders Stores in the city

1. Time Warner Center @ 10 Columbus Circle
2. Penn Station @ 2 Penn Plaza
3. Small shops at La Guardia and JFK Airports and express store on Staten Island

FYI: Borders announced that its rewards program and gift cards will continue to be honored.