The Scotsman reports that the Edinburgh-based group which operates high street book shops Bookworld, Bargain Books and bw! has gone into administration. Eight stores are to be closed immediately – including Edinburgh’s Princes Mall shop – with the loss of 44 jobs. Four more stores will close at the end of this month with the loss of a further 21 jobs.
Joint administrator, Tom MacLennan, managing director of Tenon in Scotland, said growing competition from internet retailers and supermarkets had seriously affected profitability and the business was finding it increasingly difficult to maintain a large network of high street stores. “Whilst competition from the internet and supermarkets has triggered the administration, a turnover of £30m clearly indicates there is strong demand for discount stores on the high street.”