Business

Borders Group Inc. to close doors for good

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Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.

The company said in a statement Monday it was unable to find a buyer willing to keep the company in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.

Borders’ roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.

Full story: Borders to liquidate business