PHILADELPHIA (CBS) – The financially strapped Borders Bookstore chain is closing more stores across the country, including a major anchor in Center City.

Borders management has announced that it will be shuttering its store at Broad and Chestnut in late May. Borders filed for chapter 11 bankruptcy last month, suffering the effects of internet competition and a huge debt load.

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No word from management yet on why they’ve targeted the Center City location, which always seems to be busy. The store is located in a retail area that includes the Capital Grille, FYE, and the Ritz Carlton.

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Borders is also announcing that it will be closing its store at Airport Plaza in North Wales.  It plans to close about 200 of its 642 stores.

Reported by Paul Kurtz, KYW Newsradio

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