Borders on Brink of Bankruptcy Chain expected to slash up to 200 stores By Rob Quinn, Newser Staff Posted Feb 2, 2011 1:22 AM CST 5 comments Comments Borders disclosed late last year that lenders had cut its borrowing capacity and it was seeking replacement credit. (AP Photo/Michael Dwyer, File) (Newser) – Struggling bookstore chain Borders may file for bankruptcy protection as early as next week, sources tell Bloomberg. The chain is still looking at its options for restructuring ahead of a bankruptcy filing, and is considering closing up to 200 of its 650 stores, the sources say. The chain, which was slow to embrace digital reading has posted almost $800 million in losses since 2006. Analysts named it among 10 companies unlikely to make it to 2012. Click here for that story.