And now it's done: after teetering on the edge of oblivion for months, once-mighty book chain Borders has announced that it is liquidating.

The liquidation, which Borders announced shortly after 4:10 p.m., means that the 10,700 people who still work for Borders - including about 400 at its Ann Arbor headquarters - will lose their jobs.

The chain's 399 remaining stores will be closed quickly, with liquidation sales starting as soon as Friday.

Barnes and Noble is your daddy now.

[; photo via AP]