November 30, 2009

By By Richard Smirke, London

Book retailer Borders U.K. has commenced "closing down" sales across its nationwide chain of 45 stores.

The bookseller, which also sells CDs and DVDs, went into administration last week (Billboard.biz, Nov. 26) -- roughly equivalent to Chapter 11 bankruptcy protection -- placing 1,150 employees at risk. Administrator MCR has said it hopes to sell the company as a going concern.

However, this Saturday (Nov. 28) "store closing" signs went up across all 45 Borders and Books Etc. stores in the United Kingdom, with discounts advertised ranging from 20% to 50%.

A statement on the website of administrator MCR reads: "All stores currently remain open for business as normal whilst the administrators undertake a review of the company's affairs and seek a purchaser for all or some of the company's stores in which there has already been interest."

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