ANN ARBOR – The bookstore chain Borders has thrown in the towel after attempting to find a buyer interested in keeping the chain in business. The Michigan-based company declared bankruptcy earlier this year.

It will now sell itself to Hilco and Gordon Brothers, a company that liquidates businesses. About 10,700 people will lose their jobs, some as early as this week. About 399 stores are currently under the Borders umbrella, which is about 33% of what the company had in 2003.