Borders Closing 30% of Stores
Struggling chain files for bankruptcy protection
By Kate Seamons,  Newser Staff
Posted Feb 16, 2011 6:58 AM CST
Borders Group, a chain of 674 bookstores, will close 30% of those locations.   (AP Photo/Henny Ray Abrams)

(Newser) – It's not exactly the most surprising news of the day: Borders is filing for bankruptcy protection and will shutter about 30% of its stores—or about 200 locations—over the next few weeks. The 40-year-old company, which has struggled in the face of competition from Amazon, the Kindle, and deep-discounters Walmart and Target, will receive $505 million in so-called debtor-in-possession financing from GE Capital and others to help it reorganize, reports the AP.