Borders Group Files for Reorganization Relief Under Chapter 11
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The company noted that, among other initiatives and subject to court approval, Borders plans to undertake a strategic store reduction program to facilitate reorganization and its repositioning. Borders has identified certain underperforming stores—equivalent to approximately 30 percent of the company's national store network—that are expected to close in the next several weeks. At the same time, the company noted that a major strength of Borders is its national presence, so its extensive network of remaining stores—as well as Borders.com—will continue to operate in normal course.
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