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Borders 'close to administration' Borders 'close to administration'
(about 1 hour later)
The Borders bookshop chain in the UK is on the verge of going into administration.The Borders bookshop chain in the UK is on the verge of going into administration.
The company has filed court documents stating its intention to appoint accountancy firm BDO as administrator. It has filed court documents stating its intention to appoint accountancy firm BDO as administrator.
However, BDO subsequently said it could not be made administrator due to a conflict of interests.
Borders, which has 45 stores in the UK, has suffered from increased competition from online retailers, such as Amazon, as well as supermarkets.Borders, which has 45 stores in the UK, has suffered from increased competition from online retailers, such as Amazon, as well as supermarkets.
Its website has stopped taking orders for new books while it "is in discussion with potential buyers".Its website has stopped taking orders for new books while it "is in discussion with potential buyers".
Waterstones owner HMV is thought to be one of the firms in discussions to buy some of the chain's stores, while WH Smith is reported to have walked away from a takeover deal on Friday.Waterstones owner HMV is thought to be one of the firms in discussions to buy some of the chain's stores, while WH Smith is reported to have walked away from a takeover deal on Friday.
The Borders chain was originally owned by the US book giant of the same name but was sold in June 2007 to Risk Capital Partners, which is headed by Channel 4 chairman Luke Johnson.The Borders chain was originally owned by the US book giant of the same name but was sold in June 2007 to Risk Capital Partners, which is headed by Channel 4 chairman Luke Johnson.
Risk Capital then sold it on to the private equity firm Valco earlier this year.Risk Capital then sold it on to the private equity firm Valco earlier this year.