[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."