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New Chapter

Borders Files for Bankruptcy

After failing to secure refinancing.

Better use your gift cards: Borders is preparing a bankruptcy filing for as soon as Monday or Tuesday. The troubled bookseller started preparing papers for Chapter 11 reorganization after failing to get publishers to turn unpaid bills into $125 million in loans. Borders plans to start by closing 200 of its 674 stores.

Read it at The Wall Street Journal

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