Borders goes into administration (From Times Series)

Borders goes into administration

5:42pm Thursday 26th November 2009 in

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BOOKSTORE Borders which has an outlet in Brent Cross has gone into administration.

Increased internet competition and falling sales have led to “increased cash flow pressures” according to administrators MCR.

All the branches of the chain, which opened its first store in Britain in 1997 will stay open as negotiations are carried out to find a buyer for the 45 branded stores, which employ 1,500 people across the country.

Administrator Phil Duffy said: “All outstanding employee wages have been paid up to date and ongoing wages for retained staff will continue to be paid as an expense of the Administration."