Borders Group is to liquidate the chain after failing to receive any offers to save it. The book chain said liquidation of its remaining 399 shops could start as soon as this week, and it is expected to go out of business for good by the end of September.

Borders filed for bankruptcy protection in February but has continued to bleed cash and struggled to get stock on normal terms. Talks fell apart last week with private equity investor Jahm Najafi who was going to buy the company, and Borders scrambled over the weekend to find other potential buyers but to no avail.

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