Borders UK is having a major sale
as part of its administration (bankruptcy) proceeding.
The bookseller, which also sells CDs and DVDs, went into administration last week (Billboard.biz, Nov. 26) -- roughly equivalent to Chapter 11 bankruptcy protection -- placing 1,150 employees at risk. Administrator MCR has said it hopes to sell the company as a going concern.
However, this Saturday (Nov. 28) "store closing" signs went up across all 45 Borders and Books Etc. stores in the United Kingdom, with discounts advertised ranging from 20% to 50%.
A statement on the website of administrator MCR reads: "All stores currently remain open for business as normal whilst 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."
Customers are seeing big discounts on books in the 45 stores the chain owns in the U.K. which sounds like the company liquidating. But the administrators say they are trying to keep Borders U.K. (which has no ties to Borders U.S. after it was sold two years ago) open and find a buyer. It's a bit of a puzzle. In any event, there are some great deals to be had for British booklovers.
