UPDATE 5-Borders, unable to find white knight, to liquidate

* Process will close 400 stores, cost 11,000 jobs
(Adds quote from Najafi in paragraphs 7,8)

Source: http://feeds.reuters.com/~r/reuters/bankruptcyNews/~3/CkFIwFm0BXk/borders-liquidation-idUSN1E76H1LQ20110719

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