Borders has begun its going-out-of-business procedures including liquidation of its stock in each of its approximately 400 remaining stores. All stores will be closed and roughly 11,000 employees will have lost their jobs.

“We are saddened by this development,” said Borders Group president Mike Edwards. “We were all working towards a different outcome, but the rapidly changing book industry, e-reader revolution, and turbulent economy have brought us to where we are now.”

Sources: Publishers Weekly and Reuters.