Borders Group, Inc. (PINK:BGPIQ) is shutting down their remaining 399 stores. All 11,000 remaining employees across the company will be laid off. The bid deadlines for the company passed.

Borders Group Inc. (NYSE:BPG) has filed for Chapter 11 protection today. The Ann Arbor, Michigan based company is shutting down 30% of their stores nationwide. Borders is seeking protection from creditors as they filed for bankruptcy at the U.S. Bankruptcy Court in Manhattan.

Borders Group Inc. (NYSE:BGP) has raised $25 million from Bennett S. LeBow. The investment was made through the private purchase of 11.1 million shares of Borders’ common stock at a purchase price of $2.25 per share. Mr. Lebow has joined Borders Board of Directs as the Chairman of the company. LeBow is also Chairman of Vector Group Ltd.

Ann Arbor, Michigan based Borders Group Inc. (NYSE:BGP) has introduced a new device called the Borders Kobo eReader. The eReader is $149 and they plan to launch other multiple reader devices soon. The company is also creating an e-book store to complement the device. The Kobo should be available on June 17 and is available for pre-order now. Border’s ebook store will have a “million titles” with applications on the iPhone, Android, iPad, and BlackBerry. Below is the full press release.