(ANN ARBOR, MI) -- North Carolina will lose five Borders Books stores as the result of the Ann Arbor, MI chain filing for Chapter 11 bankruptcy. The company confirmed that stores in Apex, Cary, Chapel Hill, Raleigh and Greensboro will close.

The move it part of a larger reorganization plan that will close over 200 stores nationwide. N.C. State University economics professor Dr. Mike Walden said Borders inability to develop e-readers hurt them.  "Borders was behind the curve on that.  They did not this.  They were late.  They also, I think, have the disadvantage of sort of being in limbo land.  They were a large national chain, however, with no ability for people to access e-books," said Walden.

The closings will result in a 30 percent retail store reduction for the 40-year-old company.