Borders UK Will Close if Buyer Not Found By December 22
The Bookseller reports
that Borders U.K. (which is no longer affiliated with the U.S. Borders Group after a sale) will close down if if a buyer is not found for the chain by December 22, 2009. The chain is in administration, which is the British equivalent of bankruptcy proceedings.
[Admininstrator] MCR said it was at "advanced stages" of negotiations with a number of parties about purchasing certain stores or assets. But it added that unless a business took Borders over as a going concern, "regrettably all stores will formally cease trading the evening of the 22 December 2009". The final day of employment for the 1,150 Borders staff will be Christmas Eve.
Phil Duffy, partner at MCR, said: "Staff consultation will continue throughout this week and a further update will be given for each store at the end of the week.We have reassured staff that they will be paid for all of their work during the administration."
Earlier today, a document leaked to The Bookseller suggested that a buyer had The Bookseller got ahold of a leaked document which indicates that a buyer has been found for 23 of the stores, but that the deal had not been finalized. We certainly hope the rumors are true. This has been a very difficult year for booksellers and all of the Borders UK employees will be out of a job if a buyer is not found in time.
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