The stores in Crystal Lake and McHenry will be among 200 Borders stores nationwide that will close at the end of April, said Mary Davis, a Borders corporate spokesperson.
The store closings are part of the bookstore chain’s reorganization under Chapter 11 bankruptcy.
Davis said Borders will close 30 percent of its total chain, which includes Waldenbooks and Borders Express. She said the Crystal Lake and McHenry stores were among stores chosen to close because they were underperforming.
“The company emphasized that the closings were a reflection of economic conditions, cost structures and viability of locations, among other factors, and not on the dedication and productivity of the workforce in these stores,” according to the Borders press release.
"It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company's lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor," Borders Group Inc. President Mike Edwards said in the press release.
Filing Chapter 11 bankruptcy will allow Borders to reorganize. The company will also receive $505 million in debtor-in-possession financing from GE Capital.
With Borders closing, that will leave three major vacancies at Crystal Point Retail Center, 6000 Northwest Highway. is not renewing its lease and closing its doors this month. Colonial Café is moving to a new, remodeled location in May.
Down the road, on Northwest Highway, Hooters restaurant, closed its doors, earlier this week.