(CN) – Borders, the U.S.’ second-largest bookstore chain, has canceled a bankruptcy auction and is closing for good, the company said. Four hundred stores will close and 11,000 jobs will be lost.
Industry-watchers attributed the company’s demise to online competition.
The nation’s largest bookselling chain, Barnes & Noble, has an electronic book machine, the Nook, and Amazon has the Kindle. Borders had no such machine and did only a small amount on business online.