Borders Group Inc. said it plans to liquidate its remaining locations, following its inability to secure a buyer, Retail Traffic reported.

The Ann Arbor, Mich.-based company filed for bankruptcy protection in February after years of sharp sales declines made it impossible to manage the second-largest U.S. bookstore chain’s crushing debt load.

The company closed its West Des Moines location near the end of May.

DJM Realty will now begin disposition work on Borders’ remaining portfolio, including 259 full-line Borders locations, as well as 114 Borders Express and Waldenbooks stores. Many of Borders’ landlords are already talking about backfilling its stores with other retailers, according to Andy Graiser, co-president of DJM Realty.

Situated in large markets, with good demographics and steady consumer traffic, Borders locations may be viewed as prime pieces of real estate.

“You have to recognize that so many of the Borders leases were written or signed in high land value, very desirable at the time locations,” said Chris Wilson, president of Los Angeles-based Wilson Commercial Real Estate. “Many of those leases are way over market, especially the adjusted market for big boxes. So while there may be a lot of demand, the ability for the property owner to satisfy the market rents may further impact the timing of when those stores get absorbed.”

Graiser said “dollar stores” are among the retailers that will most likely occupy the smaller Borders stores. He said supermarkets and furniture sellers might look to lease larger locations.

The average Borders superstore ranges in size from 10,000 to 40,000 square feet.

Steve McClurkin, senior vice president with brokerage firm Grubb & Ellis Co., said Swedish-based fashion retailer H&M might be eying Borders stores. “H&M has been pretty selective in their growth in regards to urban markets, and they are still aggressively expanding in the U.S.,” he said. “I am sure they are going to be looking at those locations.”