Bankrupt Borders Group Inc said it has canceled its auction and will sell itself to a group of liquidators.

Borders announced the decision on Monday, saying it was not able to reach a deal for a going-concern sale to salvage its 400 remaining stores and 11,000 jobs.

A liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.