Borders Group Inc. has notified employees that four stores in Michigan will close. The locations are in Utica, Grosse Pointe, Ann Arbor and Dearborn. The company filed for chapter 11 bankruptcy early February. Borders is the nation’s second largest bookstore and plans on closing 30 percent of its stores, a total of 200. There are 32 stores in Michigan. The company may close 75 to 194 in addition to the 200 announced. In its chapter 11 filing Borders cited $1.27 billion in assets and $1.29 billion in liabilities.
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