Borders is preparing to file for bankruptcy early this week, according to multiple reports.

The company's path to restructuring has been both obvious and long in coming.

As that moment approaches, here are Business Review’s Top 5 questions about the impact on Washtenaw County as we prepare to enter the next chapter for the Ann Arbor-based book seller:

1. Which local store or stores will survive? Borders has too much brand equity in Ann Arbor to close all three stores - but we can expect at least one of them to be on the store-closing list. Does anyone in corporate still value the downtown store’s connection to the corporate history? Is Arborland really a top performer? Can Waters Place overcome its too-big-for-the-future footprint? Each store has merits and drawbacks, and we'd hate to see any of them go - especially for their respective staffs.

2. What happens if downtown is on the closing list? That would be an emotional blow for the city, which always took pride in Borders’ roots downtown - and valued it as the largest downtown retailer after it moved into the ex-Jacobson's Department Store building at Liberty and Maynard. The State & Liberty intersection is thriving, thanks in part to proximity to the University of Michigan and its North Quad dorm. But it still won’t be easy to replace the anchor store, either as a physical presence or in spirit.

3. What about the corporate headquarters? The building on Phoenix Drive is visible from I-94, but the lack of signage and drive-by traffic keeps it hidden from the general public. And as its headcount withered in recent years, its significance as a top employer lessened. Still, we hope to retain the 550 or so jobs there now, and the expected few hundred that should survive Chapter 11. But whether those people need to stay in Ann Arbor - in an oversized and expensive facility - could be open for debate, depending on how the restructuring plays out.

4. Who’s going to lead this restructuring? We had to be skeptical at a time like this, but Borders has an abysmal track record for retaining core leadership and mission. That’s been clear during the last year as the company’s value eroded even amid what was sold to investors as a viable turnaround plan. Is the core leadership team truly equipped to take this retailer through this process? We hope someone is evaluating that seriously - for the sake of vendors and staff who will be asked to sacrifice plenty as they go along for the ride.

5. Can any of this help the company avoid liquidation? Some stores are strong and shoppers are voting with $2 billion this year on its products -even through the expense side of the business meant that still wasn’t enough. But in two years that number could change dramatically. In 5 years, it’s a total wildcard, thanks to electronic book delivery. If restructuring doesn’t take the company two or three leaps ahead in its business model, it'll be a wasted effort.