Chapter 11 Bankruptcy: Borders Files Chapter 11 Bankruptcy to Close 30 Percent of Stores

NEW YORK—Bookstore chain Borders Group Inc. announced that it would file for Chapter 11 bankruptcy protection on Wednesday morning and plans to close almost a third of its store locations in the United StatesThe No. 2 bookstore behind Barnes & Noble Booksellers (B&N) in the U.S. market, Borders resorted to bankruptcy after capital restructuring and expense cutting failed to stem losses.Borders