Borders Closing Century City Store

Borders announced Wednesday it will close its Century City location as part of the bookstore chain's Chapter 11 bankruptcy proceedings.

In total, the chain is closing up to 30 percent of its stores. The move follows the closure earlier this year of the as well as the shutdown of independent on Broxton Avenue.

"It has become increasingly clear that in light of the environment of curtailed customer spending... and the company's lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor," the company's president, Mike Edwards, said in a statement posted on the Borders website and reported by the Wall Street Journal.

The Century City store closing will take place over the next several weeks. It is one of the largest spaces inside the Westfield Mall at 22,000 square feet.

A Borders spokesperson was not immediately available for comment.

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