NEW YORK ( TheStreet) -- Borders will begin liquidating on Friday.

This comes after the deadline for the company to receive buyout offers came and went Sunday with no bids.

Borders will ask the bankruptcy judge to approve the liquidation on Thursday.

The bankrupt bookseller will sell itself to liquidators Hilco and Gordon Brothers and shutter its remaining 399 stores. This will result in about 10,700 layoffs.

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards in a statement. "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."

-- Reported by Jeanine Poggi in New York.

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