NEW YORK - July 18, 2011 - Borders Group will liquidate its remaining assets after efforts to find a buyer fell through, the bookstore chain announced Monday.

The nation's second largest bookseller, which filed for bankruptcy protection earlier this year, currently operates 399 stores and employs approximately 10,700 workers.

The liquidation process is expected to start as soon as Friday, pending bankruptcy court approval, Borders said in a press release.

Mike Edwards, president of Borders Group, said in a written statement that he was saddened by the development and that the decision came despite "the best efforts" of all parties.

"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," Edwards said.