Borders Declares Chapter 11; Italian Label Bosselli Plans a Flagship

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NEW YORK CITY—Borders declared bankruptcy today, but Crain's doesn't think the news will have much effect on how New Yorkers shop for books. The chain has nine New York City locations, but it's only planning to shut down three: The oldest and largest, at 461 Park Avenue on the Upper East Side, 100 Broadway in the Financial District, and 576 Second Avenue in the E. 30s. [Crain's]

MIDTOWN EAST—Italian clothing line Bosselli might not have much of a presence in New York, but that's about to change. Not only is the company angling to take over Escada's former home at 717 Fifth Avenue, but they want to spend $40 million to turn the spot into a triplex flagship store and a five-star restaurant. [NYP via Eater NY]