The 45 Borders stores in the UK will enter a final phase of closure in the four weeks of retail business leading up to Christmas. This is the final blow for their 1150 staff who have, until late last week, held some forlorn hope of the stores being taken over at local and regional levels. MCR, the administrators of Borders UK, have appointed primary creditor, Hilco, who earlier this year funded a management buyout of the retailer, to liquidate the assets of the retailer. While, perhaps, a few outlets may remain as bookshops, in the event of a localized purchase, and staff could be retained by a new owner, it does look evermore likely that the retailers high street presence will be sold as vacated retail units.
What will be interesting, considering Borders stores already have many of their key quarter 4 titles, is the impact heavy stock discounting by the administrators will have on rival high street book retailers as they attempt to recoup as much cash into the failed business as possible.
UPDATE: Monday 30th Nov, 5pm.
The bookseller.com is reporting late this afternoon that up to 36 staff members in the Borders Charing Cross Road head office have been made redundant. Administrators, MCR, have focused staff redundancies on the buying department with just two buyers remaining.
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