The San Luis Obispo Borders location at the Madonna Plaza shopping center is not on the tentative list of stores to be closed, after the bookseller chain filed for bankruptcy protection Wednesday.
Borders helped pioneer superstores that put countless mom-and-pop bookshops out of business, but was sunk by crushing debt and sluggishness in adapting to a rapidly changing industry.
The 40-year-old company plans to close about 200 of its 642 stores over the next few weeks.
All of the stores closed will be superstores, Borders spokeswoman Mary Davis said. The company also operates smaller Waldenbooks and Borders Express stores.
Borders said it is losing about $2 million a day at the stores it plans to close.
Borders plans to operate normally and honor gift cards and its loyalty program as it reorganizes.
The company will receive $505 million in debtor-in-possession financing from GE Capital and others to help it reorganize.
According to the Chapter 11 filing, Borders had $1.28 billion in assets and $1.29 billion in debts as of Dec. 25.
It owes tens of millions of dollars to publishers, including $41.1 million to Penguin Putnam, $36.9 million to Hachette Book Group, $33.8 million to Simon & Schuster and $33.5 million to Random House.
-Tribune Staff Report and Associated Press