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Borders UK administrator MCR has failed to find a buyer for any of the retailer's 45 stores, resulting in the closure of every branch before Christmas.
In a statement released late on Friday (18th December), the administrator said: "[D]espite pursuing a sale of the business it was not [sic] been possible to agree a sale of any part of the business as a going concern and therefore, as previously stated, all stores will formally cease to trade on 22 December 2009."
Friday also saw a high court judge rule that MCR had been "incorrect" to sell Hachette UK titles after Borders went into administration without seeking permission first. The administrator had a day previously agreed to remove Hachette UK titles from sale in the stores. MCR must now pay all costs, and provide the publisher with an up to date list of which titles it has in stock.
The administrator had previously said it was pursuing active negotiations with potential purchasers, with a document prepared by adviser Hilco for the administrator suggesting that as many as 23 stores could be sold. MCR said it was still in talks with potential buyers for assets of the business such as store leases, although this will not save any jobs. It has told staff that they will be paid for the days worked since the group fell into administration.