Borders Plans to Liquidate, Close All Stores Including Elk Grove

has announced its plans to liquidate, meaning the chain will likely shut down all of the nearly 400 stores that remain starting as soon as Friday.

That means that the 10,700 people who currently work for the national chain will lose their jobs, including those who work at the Elk Grove location.

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards in a statement. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now." 

Some stores will begin the liquidation process as early as this week, with the rollout finished by the end of September. The timetable for the Elk Grove location is not clear at this time.

They plan to liquidate under Chapter 11 of the bankruptcy code, meaning they will be able to pay vendors for all expenses during the bankruptcy cases.  

Borders is based in Ann Arbor, Michigan, home of the University of Michigan. Check out this release from Borders Group for more information.