The local Borders bookstore at Harlem and Lake is avoiding the axe and remaining open, but 15 other Chicago-area locations won’t be as lucky.

The Ann Arbor, Michigan-based chain filed for Chapter 11 bankruptcy Wednesday. They’ve reportedly struggled with declining profits and management turnover in recent years, and stopped paying their bills in December.

Closures will include the Borders stores in Evanston, Norridge and five in Chicago.

Altogether, Borders is shutting 200 of its 642 stores worldwide. About 174 employees will lose their job at the Chicago stores, while 292 will be affected in the suburbs, a Borders spokeswoman told the Sun-Times.


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