Borders Group Files for Reorganization Relief Under Chapter 11
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ANN ARBOR, MI—Feb. 16, 2011—“It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company's lack of liquidity, 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 Mike Edwards, Borders Group President.
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