Borders files for Chapter 11 bankruptcy, will close 194 stores

Borders Group Inc. filed for Chapter 11 Bankruptcy Protection this morning after five years of turnaround Efforts failed to return the Ann Arbor-based books eller Thurs HealthCare.

The nation's second-largest books eller Said it Would Close 30% of the ITS stores, or about 194 in the coming weeks. There are 32 stores in Michigan.

It Received $ 505 Million in debtor in possession Financing Lead by GE Capital, Borders said in the Filing in the U.S. Bankruptcy Court, Southern District of New York. That was the Same That court handled the fast-track bankruptcies for General Motors and Chrysler.