In a press release issued by Borders Group, the company expressed the reason for the store closings stem from the economic situation in the country, cost structures and viability of locations. On February 16, Borders Group filed for reorganization relief under Chapter 11, according to the Borders website. "This decisive action will give Borders the opportunity to achieve a proper infusion of capital in order to have the opportunity to have the time to reorganize in order to reposition itself to be a successful business for the long term," said Borders Group President Mike Edwards in a press release. According to the statement, Borders Group will continue to honor Borders Rewards, gift cards as well as regular employee benefits as Borders continues to reorganize itself. Customers in these areas are asked to locate another Borders in their vicinity or to visit their online selections.