Borders Files For Bankruptcy, To Close Stores

Borders Group is filing for bankruptcy reorganization and says it will shutter about 200 stores over the next few weeks. Borders is the country's second largest bookstore chain.

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NPR's business news starts with a big book seller in bankruptcy.

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INSKEEP: It's the country's second largest bookstore chain, Borders. Borders says it is filed for bankruptcy protection and will close about 200 of its stores. This move comes after management changes and layoffs.

The 40-year-old company has been losing money, as it cannot keep up with competitors like Amazon and Wal-Mart. Border has been criticized as coming too late to the online shopping game and only set up an online shopping site three years ago.

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