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Following suit with such companies as Hollywood Video and the Peanut Corporation of America, Borders Group Inc. faces insolvency and may soon find itself in the dregs of bankruptcy reorganization, according to the Wall Street Journal.

The company will look to close nearly one-third of their 674 stores to shore up losses and keep the dream of operating under bankruptcy protection alive. Locally, Borders has one location in Sand City that has yet to indicate closure.

Being late to the e-reader party Borders’ feeble attempt to align with Canadian company Kobo, Inc. did nothing to stop conventional powerhouse Barnes & Noble’s Nook and web giant Amazon’s Kindle from capturing most of the e-book market.

Trading at just above 25 cents on this Friday afternoon, the bookseller hasn’t broken the $1 mark on the New York Stock Exchange since January 14 and faces being delisted from the NYSE if trends continue.