As expected, Borders Books has filed for bankruptcy and is taking drastic action, closing 200 of its remaining 642 stores (the chain once had more than 1,300 locations) as part of its “restructuring” and “repositioning” effort. Earlier this week, customers received a carefully worded email from president and CEO Mike Edwards that tried to remain as optimistic as possible.

“However,” explained Edwards, “because of the ongoing impact of the difficult U.S. economy, coupled with the rapidly changing bookselling environment, we must restructure Borders and reposition our business for long-term success.” He goes on to reassure customers that, among other things, “Borders stores are open for business” (“Families can still enjoy enriching events, including author readings and signings, book clubs, and kids’ storytimes and parties”), the rewards programs “remain in effect,” “Borders.com is operating as usual,” and “Borders will continue to maintain its strong national presence.”