Borders Group will liquidate its remaining 400 bookstores as early as Friday, according to a story on The Huffington Post.
This means 11,000 jobs will be lost.
Borders Group filed for Chapter 11 bankruptcy protection in February in U.S. Bankruptcy Court in the southern District of New York. At the time, Borders closed 200 bookstores across the country as part of its bankruptcy reorganization plan.
Despite these efforts, Borders could not attract a buyer. So it canceled its auction and will sell itself to a group of liquidators.
According to national media reports, Borders' revenue has been dropping since 2006. In that year, the company posted revenue of $4 billion. By 2010, Borders' revenue fell to $2.8 billion.
The company has been widely criticized by retail analysts for being a Web latecomer. Borders launched an e-commerce site in 1998, but it was three years after Amazon.com and a year after opened its site.