On the anniversary of the demise of Woolworths, the UK arm of the Borders bookshop chain, which has a branch in Brighton’s Churchill Square, has gone into administration threatening the loss of 1,150 jobs across the country and about 30 in Brighton.
The administrators confirmed that all 45 Borders stores and sister outlets Books Etc would remain open while a buyer was sought but it seems unlikely that all of the outlets will be purchased.
Online book-sellers and supermarkets have consistently eroded Borders market share and the end was nigh when its own website stopped taking new book orders on the 23rd November.
The administrator said Borders had "severe cash flow pressures" and that several suppliers had stopped or reduced its credit and credit insurers had also reduced their cover making it difficult for the store to replenish stock levels.
The Borders chain was originally owned by the US company of the same name but was sold in June 2007 to Risk Capital Partners, which in turn sold it to the management backed by private equity firm Valco earlier this year.
Borders's accounts show the company made a loss of £13.6m in 2008 and £10.3m in 2007.
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