As Borders continues its march through Chapter 11 and additional store closings, the city of Pico Rivera, CA faces a nasty surprise: for the next seven years, they must continue paying a minimum of nearly $11,000 a month in rent on an eight-year-old store Borders will shut by the end of April. That’s because Pico Rivera, with a population of approximately 65,000, was thought to be too small to support a Borders store, causing the government to cut a deal with Borders and its landlord, Vestar Development Center, to spend $1.6 million in federal grant money and subsidize the rent […]
