Borders Bankruptcy Closes Chapter 7

Borders announced Monday it will close its 399 remaining bookstores, with closures beginning as soon as July 22 and the last stores finally closing in late September.

Liquidation procedures will begin "as soon as Friday, July 22" for some stores and conclude in late September, according to a statement from the company.

It was not clear on Monday when the would close. The closings also affect .

Borders Group President Mike Edwards said the company's business plan failed because of "the rapidly changing book industry, eReader revolution, and turbulent economy."

For more information about the Borders failure, here's a story about what went wrong.