Borders bankruptcy claims downtown bookstore

February 16, 2011
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Indianapolis BordersIt seemed inevitable but now it's official: Borders plans to close the downtown Indianapolis store as part of a Chapter 11 bankruptcy reorganization. It also plans to close its store at the southwest corner of 116th Street and Keystone Avenue in Carmel. The beleaguered bookstore chain two years ago began looking for a replacement tenant to sublease its 22,000-square-foot store at the corner of Meridian and Washington streets downtown, but its precarious financial position prevented the chain from offering any tenant-improvement allowance to a potential replacement. Under bankruptcy protection, the chain can simply reject the lease, meaning it will be up to building owner Barnes & Thornburg to fill the space. The store was operating under a 20-year lease it signed in 2001, paying in the range of $25 per square foot, market observers said. The prime downtown space most likely will be divided to accomodate multiple users, with restaurants and other retailers the prime candidates. The bookstore has sections on either side of the building's lobby, each with mezzanine levels. No word yet on when the liquidation sale will begin. An earlier post is here.

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  • Sad to lose Borders downtown
    Sally in IndyFebruary 16, 2011 1:44 PM
    Very sorry to read this news. The Borders always has been a downtown destination for us. Hoping another bookseller will take the space, but realize that's unlikely.

    Have to wonder how much the road construction at 116th & Keystone played into the decision to close that store. Borders had to have been affected negatively during the months when traffic was restricted. Other businesses in that immediate area also have closed.
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  • Sad, but inevitable
    ScottFebruary 16, 2011 1:52 PM
    Just like iTunes and downloadable music is ruining sales for CD's, things like Kindles and iBook readers are doing the same for hardcopy books. The recession hasn't helped, either. People tend to rediscover the public libraries when money gets tight. I agree that it is so sad to lose Borders downtown, but it really was inevitable.
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  • Think Local
    BenjaminFebruary 16, 2011 2:45 PM
    Now is the perfect opportunity for a small independent book store to open in the downtown area. Maybe books / coffee.. Hopefully someone with the passion and start-up capital sees this opportunity.

    A half price books type store would fit really well in FS or Mass Ave.
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  • A book store for downtown...
    book personFebruary 16, 2011 3:11 PM
    ...should be unique but familiar, a destination, and offer something(s) different. The location is perfect though. I can't imagine DT w/o a bookstore. I scope out the bookstores in every downtown I visit, been doing it all my life.
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  • Everyone likes to visit, but is anyone buying?
    John DoeFebruary 16, 2011 5:16 PM
    "The Borders always has been a downtown destination for us."
    .
    "I scope out the bookstores in every downtown I visit, been doing it all my life."
    .
    I also like to check out bookstores, if I'm near one. A question for the above quotes: Does "scope out" and "a destination for us" translate into 'We always visit the downtown bookstores _and_ buy things from them?" That is the key question: With all these folks who like to visit, is anyone really buying? And if so, how much? Books are just too costly. I could see handing over five dollars for a book, but last I checked, they routinely want $15-$25. All one has to do is wait about a month, if that, and you can find it cheaper at used book sellers or on-line. Also, technology is making the bookstore a thing of the past. I like to look over the local interest and travel sections when I visit a bookstore, but I never buy anything. Book prices are just too step given the current state of the economy. With travel books, it seems every publisher just comes out with a new edition every year. Not only that, I can get better travel information (and up-to-date) by using the internet.
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  • The times they are a changin'
    ScottDFebruary 16, 2011 11:39 PM
    I try to support all downtown businesses and my family and I were regular visitors to Borders, but alas as habits have changed they simply didn't sell anything we wanted to buy. Buy a book that you hold in your hand and that takes up space on a shelf? Who does that? It was fun to go there for the nostalgia more than anything. A downtown book store - pure old fashioned Americana. Each time we went we would always order a drink and pastry at the cafe just to help out a little bit. Oh well.
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  • Time to move on
    ScottDFebruary 16, 2011 11:44 PM
    Since e-readers have killed the printed book and therefore Apple had a very big hand in killing Borders, why don't we just follow it through to the logical conclusion? Let's get an Apple Store in that location.
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  • Not just Kindles...
    Ben B.February 17, 2011 9:14 AM
    I agree with everything said here, especially about how sad I am to see Borders leave downtown. That said, I don't think e-readers alone account for Border's bankruptcy. I love physical books, and suspect there are many others who like physical books too. Amazon killed Borders, not Apple. Amazon has much lower prices, and no sales tax (at least until the states find a way to force its hand). Ironically, I loved going into Borders to scan the shelves for a book that looked good, then bought it on Amazon.
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  • Ben B.'s Right
    gobnaitxFebruary 17, 2011 9:57 AM
    I think the biggest factor in the troubles Borders is experiencing is their failure to get into the online sales game in any measurable way until it was too late. Amazon and B&N beat them to the punch. Borders made a bad gamble with their deal with Amazon, and when that fell apart they had no online presence. They never caught up. It's a shame because Borders has always beat the pants off B&N for selection.
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  • Don's?
    Da HooeyFebruary 17, 2011 2:57 PM
    PERFECT spot for Don's Guns! Hell, Ballard would probably even give them some tax breaks!
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  • E-Readers....
    SomeonehereFebruary 21, 2011 4:49 PM
    I hope people consider this important factor; NOT EVERYONE HAS E-READERS nor are they actually able to use them. The printed form of books will be needed and to some, its more convenient, especially when you don't have access to buy things online. It gets a little frustrating when people tend to forget this and not realize that not everyone is capable of buying every hot electronic item that hits the stores instantly, e-readers being one of them.
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  • Apple Store
    MJFebruary 23, 2011 8:44 AM
    I love the idea of an Apple store downtown. I think that is a great spot for it as well.
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  • Downtown
    EricFebruary 23, 2011 10:27 AM
    Yay!! Another chain restaurant downtown. Here's to spending money in Mass Ave/Fountain Square.
    Reply to CommentFlag Comment

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

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