The Wall Street Journal is reporting that Borders Group Inc. will move its headquarters from Ann Arbor to the Detroit metro area. The company is currently operating under Chapter 11 bankruptcy. From the Journal:
Borders Group Inc. plans to tell publishers and landlords Wednesday it has achieved major cost savings, including more than $30 million in rent reductions, and that it will move out of its Ann Arbor, Mich., headquarters for cheaper office space in the greater Detroit metro area.
Presenting its business plan to an unsecured creditors committee, predominantly made up of publishers and landlords, Borders also plans to say it has now closed about 50 superstores as part of efforts to emerge from Chapter 11 bankruptcy, according to people familiar with the matter. Altogether, Borders will close 226 by the end of next month, although a handful of additional stores could be closed, depending on negotiations with landlords, the people said.
News organizations around the state were quick to pick up the report:
- The Detroit Free Press: Report: Borders HQ to leave Ann Arbor
- The Detroit News: Report: Borders eyes HQ move to Metro Detroit
- The Ann Arbor Chronicle: A2 Business
- AnnArbor.com: Wall Street Journal: Borders plans to move headquarters out of Ann Arbor