After a long battle with bankruptcy, the popular book chain Borders Group has finally succumb to its monetary woes and will begin liquidation. According to The Wall Street Journal the company employs around 10,700 people currently. After previously filing for bankruptcy protection back in February, Borders has continued to see losses in the millions. After receiving no bids to purchase the company, Borders will liquidate its remaining 399 stores, with the liquidation possibly starting as early as Friday.
The company has stated it expects to be completely out of business by September. According to Borders Group President Mike Edwards, the reason for the company’s downfall is attributed to the “ereader revolution” and a “turbulent economy”.