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Borders UK is to withdraw from five stores, including its branches on Oxford Street and in London Colney. A consultation process has begun with the employees who staff the five shops, but Borders would not say how many jobs would be affected by the closures, or when the shops would be shut. It leaves Borders with 36 superstores, and 10 small stores, including eight Books Etc shops.
The move follows the appointment of Clearwater Corporate Finance to find new investment last month. Philip Downer, chief executive of Borders UK, said it had agreed to sell the leases on the five stores to a fashion retailer. Completion dates have yet to be finalised.
In a statement Downer, said: "Several weeks ago, the directors of Borders UK confirmed to our staff and our key suppliers that we were exploring funding opportunities. As a consequence of this action, we have now agreed to sell the leasehold interest on five of our stores to a major fashion retailer. The five stores are Blanchardstown, Llantrisant, London Colney, Oxford Street, and Swindon."
He added: "The staff of these stores will now be entering a consultation process. The Operations and HR Departments are working closely with the stores to support our staff."
Downer told the Independent: "Trading is really tough but we are doing all the right things to cut back and save money where we can."