According to Publishers Weekly, on February 16, 2011, Borders Group filed for Chapter 11 bankruptcy. As part of its restructuring plan, Borders has said it will close about 30% of its stores (which comes out to about 200 stores) over the next several weeks.

“Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term,” said Borders president Mike Edwards.

According to Borders, customers will still be able to make use of the Borders Rewards program, gift cards, and other customer programs. Also, the company expects to make employee payroll and maintain its benefits programs for employees.

Borders has said it plans to remain a “national presence,” and that it will continue to keep some of its bricks-and-mortar stores open as well as operating online and e-book stores.