A2: Business

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Bloomberg is among several media outlets reporting that Ann Arbor-based Borders Group has filed for Chapter 11 bankruptcy, as anticipated. From the report: “Borders will shut about 30 percent of ‘underperforming’ stores and restructure with $505 million in so-called debtor-in-possession financing from lenders led by GE Capital, according to a statement. The 40-year-old chain listed debt of $1.29 billion and assets of $1.28 billion as of Christmas 2010 in its Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan. The company plans to restructure and continue to operate.” [Source]