For those of you who might still be holding onto those old Borders gift cards, go spend them.
Borders Group announced this afternoon that it will liquidate all 399 remaining stores around the nation after a potential deal to keep the bookstore open fell through. Perhaps, this won't come as a surprise after the country's second-largest bookstore chain filed for Chapter 11 bankruptcy earlier this year.
At that time, the company was forced to shutdown some of its bookstores, including 12 in the San Francisco Bay Area. When SF Weekly called one of the last remaining local stores, employees said they could not comment on the impending closures.
However, the company issued a statement after making the announcement, explaining that it has not been able to find a buyer who is willing to keep the bookstores open.
"We are saddened by this development," said Borders Group President Mike Edwards. "We were all working hard toward 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 10,700 Borders employees will lose their jobs. Is Barnes and Noble hiring?