According to The Wall Street Journal, people familiar with the matter said a bankruptcy filing by Borders Group, Inc., the second largest U.S. book retailer, could happen Monday or Tuesday. The Journal's Mike Spector and Jeffrey A. Trachtenberg said Borders Group has abandoned efforts to refinance its debts, and is preparing bankruptcy papers and seeking financing agreements that would keep it operating during the Chapter 11 restructuring process. Borders is expected to close hundreds of stores and lay off thousands of jobs.
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