Borders considering filing for bankruptcy

Borders Group Inc., owner of hundreds of Borders bookstores across the country, is considering filing for bankruptcy protection.  Company executives are finalizing details on store closures, business restructuring, and financing before entering Chapter 11 bankruptcy protection most likely towards the end of February.

Currently, executives plan on closing around 150 to 200 stores.  Deciding on the number of store foreclosures is the main issue Borders wants to resolve before entering bankruptcy so that they avoid holding onto stores than are unprofitable for longer than necessary.

In addition, Borders is trying to convince publishers to forgive some of their current debts to be paid later.  Sources say that publishers have urged the company to go ahead and enter bankruptcy instead of trying to hide their financial troubles.