Borders, the second largest bookstore chain in the United States, has filled Chapter 11 bankruptcy and plans to close at least 200 of its 642 stores. The company cites competition from such companies as Wal-Mart and Amazon.com as the reason for the bankruptcy.

“Borders Group does not have the capital resources it needs to be a viable competitor,” the company’s president, Mike Edwards, said Thursday in a statement. The bankruptcy will give it “time to reorganize in order to reposition itself to be a successful business for the long term.”