Borders

ANN ARBOR, Mich. -- Borders Group said that it is faced with closing dozens of its best-performing stores due to a requirement of its bankruptcy financing if their landlords don't agree to extend a lease-negotiation period. Borders, which filed for bankruptcy protection in February, has extension agreements for 365 stores. But the book seller said in a court filing Thursday that it is still negotiating extensions for 51 stores, many of which are among its top-selling stores, including one near Penn Station in New York. The impacted stores are in 23 states and include 10 at airports across the

Borders' Executive Vice President and Chief Merchandising Officer Michele Cloutier has resigned, the company said in a filing with the U.S. Securities and Exchange Commission.