Borders Files Chapter 11 Bankruptcy

By Scott Sarvay

February 16, 2011 Updated Feb 16, 2011 at 1:26 PM EDT

FORT WAYNE, Ind. (Indiana’s NewsCenter) - The country's second largest big box bookstore is filing for bankruptcy.

And while 5 Indiana stores are slated to be closed, Fort Wayne's at Coldwater and Coliseum is “not” one of them.

The Borders group is filing for Chapter 11 Bankruptcy Reorganization.

The book and music retailer plans to close about 200 stores over the next few weeks and will receive more than $500 million in financing from creditors.

Analysts say the 40-year-old company is losing market share to online sellers and discount stores like Wal-Mart and Target.

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