Borders to Close Michigan Avenue Store

Ann Arbor, Mich. Borders Group Inc. said Thursday that it will close its Michigan Avenue store in 2010 because the Chicago site isn't meeting profit goals.

The store is one of the largest for the bookseller, but Border's said it will continue to operate 19 other stores in the area, including three located within five miles of the store.

"In today's economy, no retailer can afford to operate stores that do not produce the kind of results required to sustain a location, and therefore, we have no choice but to close the store in 2010," senior VP of Borders Group Operations Steve Davis said in a statement.

The closing of the Michigan Ave. store, which opened in 1995, marks a high-profile departure for the company.