borders to file chapter 11

Posted by Shazy on Wednesday, February 16, 2011

Borders Group Inc. may file for Chapter 11 bankruptcy as early as Monday or Tuesday, the Wall Street Journal reported Friday on its website, citing people familiar with the matter. The troubled bookseller was hoping to refinance its debt but failed to persuade publishers and investors to support the plan, the Journal said. Once the bankruptcy filing is submitted, it could result in the closure of about 200 stores and thousands of job losses, the newspaper said.Read more: