Borders Group is filing for Chapter 11 bankruptcy reorganization after a long struggle to stay afloat as the book and music businesses changed beneath its feet.

The 40-year-old company plans to close about 30 percent of its stores, or about 200, over the next few weeks.

The company will receive $505 million in so-called debtor-in-possession financing from GE Capital and others to help it reorganize.

Big-box bookstores have struggled as more people buy books online, in electronic form or at grocery stores or discounters such as Walmart.