Borders Closing All Remaining Stores, Assets Liquidated by September

That's all she wrote on Borders.

Borders Group Inc. announced today that it will close all remaining 399 stores and liquidate all assets by September.

The company was scheduled to hold an auction Tuesday for bidders who wanted to keep Borders open for business, but it was canceled, according to The Huffington Post.

Borders announced the decision today after it could not reach a deal for a sale to salvage 399 stores and 11,000 jobs.

According to HuffPo, a liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.