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Borders Files for Chapter 11 Bankruptcy Protection
ANN ARBOR, Mich. (AP) -- Borders Group is filing for Chapter 11 bankruptcy reorganization after a long struggle to stay afloat as the book and music businesses changed beneath its feet.

The 40 year old company plans to close about 30 percent of its stores, or about 200, over the next few weeks.

The company will receive $505 million in so-called debtor-in-possession financing from GE Capital and others to help it reorganize.

Big-box bookstores have struggled as more people buy books online, in electronic form or at grocery stores or discounters such as Walmart.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
02 16 11 by Newsroom
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