The winds of change over at bankrupt Borders are blowing the company from its current Ann Arbor, Mich. headquarters over to Metro Detroit.
“We have determined that our current headquarters does not serve the needs of our business going forward and represents a cost that can be reduced,” Borders spokeswoman Mary Davis said this morning, according to The Detroit News. “Therefore we will be exploring opportunities to relocate our headquarters within the Detroit Metro area to a more cost-effective location, mindful of our corporate employees’ commute and other factors.”
While the move is good for Detroit’s economy, it’s not so good for Agree Realty Corp, which owns Borders’ current HQ. They’re staying mum, “due to the ongoing and confidential negotiations that continue to be under way with Borders,” said Joey Agree, president and CEO.
The company’s first bookstore in downtown Ann Arbor, opened in 1971, will remain in place.
Somewhat surprisingly, the big move isn’t part of the plan to save $30 million presented to a committee of creditors on Wednesday. Borders filed for Chapter 11 protection on Feb. 16 as digital retailers like Amazon outstripped it online and Barnes & Noble shoved it aside in sales at physical stores.
Borders moving HQ to Metro Detroit [The Detroit News]