Borders bankruptcy comes at a time when the company reports $2 million in losses each day at the stores it plans to close.
Faced with stiff competition from online book retailers like Amazon, plus the proliferation of e-books designed for devices like the Amazon Kindle and Apple’s iPad, Borders faces bankruptcy.
Borders shares, which were already trading well below a dollar, fell 26 cents on reports of a possible Chapter 11 filing.
A Borders bankruptcy could come as early as this month, despite a recent $550 million cash infusion.
GE reported a 16 percent rise in profit, topping analysts' expectations and ending a streak of decline, on strong demand for health care and oil and gas equipment.