Final chapter for Borders

Borders, the failed bookseller, launched a stock liquidation sale in its 45 stores over the weekend as administrators prepare to shut down its shops. Up to 1,100 Borders UK staff could lose their jobs. MCR, the administrator, is preparing to appoint the restructuring specialist Hilco to liquidate the failed company. Phil Duffy, a joint administrator at MCR, said: “We are conducting closing down sales while we continue to seek a purchaser for all or some of the company’s stores.” Many rivals including HMV and Foyles are believed to be interested in picking up a few stores located in desirable areas, but as yet there has been no interest for the business as a going concern. The fire sale will threaten Border’s bookseller rivals who will have to compete over the crucial Christmas period with the discounted stock.