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Borders goes into administration

Published on 27 Nov 2009 under category: legal

Borders has gone into administration, putting more than 1,000 jobs at risk.

The bookstore, which has outlets all over the UK, has appointed insolvency experts as it looks to find a buyer.

It is thought that 1,150 jobs across the company's 45 shops are at risk due to the administration.

Phil Duffy, joint administrator, said: "All stores remain open for business as normal while 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."

He added that employees will continue to be paid during the process.

The administrator also said that competition from the internet and supermarkets had hit the firm during the economic downturn.

Earlier this week, outdoor clothing retailer Black's Leisure announced that a company voluntary agreement had been put in place, which could have saved the company from insolvency.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.