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Borders Bankruptcy Expected This Week

Borders Group is in the final stages of preparing a bankruptcy filing after failing to garner support for a plan to refinance the troubled bookstore chain's debt, according to The Wall Street Journal.The bookseller could file for Chapter 11 bankruptcy pro

The bookseller could file for Chapter 11 bankruptcy protection as soon as Monday or Tuesday, which would close 200 stores and eliminate thousands of jobs, The Wall Street Journal reported.

Borders has been actively attempting to restructure its debt. On Jan 27, Borders Group announced a commitment from GE Capital, Restructuring Finance to provide $550 million in secured credit, but Borders needed to raise an additional $125 million to achieve liquidity.

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