Another bankruptcy, Second Largest Bookstore chain in the U.S. -Borders Group Inc. filed for bankruptcy protection after failing to reach agreements with publishers and other suppliers about reorganization of its debt and its plans to close about 200 of its 642 stores. As the Wall Street Journal reports, In its bankruptcy petition, Borders listed assets of $1.28 billion and liabilities of $1.29 billion as of December 25.
Borders Group President Mike Edward said in a statement that the chain "does not have the capital resources it needs to be a viable competitor."
