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| Version 2 | Version 3 |
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| Borders goes into administration | Borders goes into administration |
| (18 minutes later) | |
| The Borders bookshop chain in the UK has gone into administration. | The Borders bookshop chain in the UK has gone into administration. |
| Administrators MCR said all 45 Borders and Books Etc stores would remain open while it sought a buyer for all or some of the outlets. | Administrators MCR said all 45 Borders and Books Etc stores would remain open while it sought a buyer for all or some of the outlets. |
| Borders has suffered from increased competition from online retailers and supermarkets, and its website recently stopped taking new book orders. | Borders has suffered from increased competition from online retailers and supermarkets, and its website recently stopped taking new book orders. |
| MCR said Borders had "severe cash flow pressures" and that several suppliers had stopped or reduced its credit. | MCR said Borders had "severe cash flow pressures" and that several suppliers had stopped or reduced its credit. |
| A number of credit insurers had also reduced their cover to Borders, which made suppliers less willing to trade with the retailer and made it difficult for it to replenish its stock levels. | A number of credit insurers had also reduced their cover to Borders, which made suppliers less willing to trade with the retailer and made it difficult for it to replenish its stock levels. |
| 'Wages paid' | 'Wages paid' |
| "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, said Phil Duffy, of MCR, a business turnaround specialist. | "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, said Phil Duffy, of MCR, a business turnaround specialist. |
| MCR is also now conducting a review of the Borders business, which employs 1,150 people. | MCR is also now conducting a review of the Borders business, which employs 1,150 people. |
| It is therefore clear that trade credit insurers played no part its downfall - withdrawal of trade credit insurance is a symptom of a business in jeopardy, not a cause of its demise Marc Henstridge, trade credit insurer Atradius | It is therefore clear that trade credit insurers played no part its downfall - withdrawal of trade credit insurance is a symptom of a business in jeopardy, not a cause of its demise Marc Henstridge, trade credit insurer Atradius |
| Waterstones owner HMV has refused to comment on recent reports it is interested in buying some of the Borders shops. | Waterstones owner HMV has refused to comment on recent reports it is interested in buying some of the Borders shops. |
| Simon Juden, chief executive of the Publishers Association, which represents the book industry, told the Bookseller trade magazine that it was "urgently" considering the situation. | Simon Juden, chief executive of the Publishers Association, which represents the book industry, told the Bookseller trade magazine that it was "urgently" considering the situation. |
| 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. |
| Marc Henstridge, head of risk for UK and Ireland at leading trade credit insurer Atradius, said his industry was not to blame for Borders' woes. | Marc Henstridge, head of risk for UK and Ireland at leading trade credit insurer Atradius, said his industry was not to blame for Borders' woes. |
| "In the case of Borders, the management team were made fully aware of the lack of trade credit insurance prior to the management buyout earlier this year," he said. | "In the case of Borders, the management team were made fully aware of the lack of trade credit insurance prior to the management buyout earlier this year," he said. |
| "It is therefore clear that trade credit insurers played no part its downfall - withdrawal of trade credit insurance is a symptom of a business in jeopardy, not a cause of its demise." | "It is therefore clear that trade credit insurers played no part its downfall - withdrawal of trade credit insurance is a symptom of a business in jeopardy, not a cause of its demise." |
| Are you a Borders employee or shareholder? Send us your comments using the form below. | Are you a Borders employee or shareholder? Send us your comments using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |