Borders UK Enters Administration

By Jason Boog 

bordersUK.jpgYesterday Borders UK entered administration, appointing the insolvency and restructuring company MCR to handle the company’s next actions–creating an uncertain future for 1,150 workers at 45 different stores.

The Times Online had this quote from joint administrator Phil Duffy about the UK-arm of the bookseller: “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.”

In July, the company underwent a management buyout, trying to secure a stronger future. If you want to read more, the BBC published a helpful article comparing US bankruptcy to UK administration. In another article about the company’s woes, the Guardian bashed Borders’ “sure-fire” model of box store bookselling.