Borders launches clearance sale in five closing stores

<p>Borders has launched a closing down clearance sale in five of its stores, including its flagship Oxford Street branch.</p><p>In an email to publishers, Peter Newbould, Borders&#39; commercial director, said: &quot;Our intention is to liquidate as much stock as possible through the clearance sale.&quot; However, current chart stock, consignment titles and a small amount of core categories like classics will be transferred to other Borders&#39; branches. This also happened last year when Waterstone&#39;s took over eight Books Etc stores in August.</p><p>Borders announced yesterday that leases for five stores, Blanchardstown in Dublin, Llantrisant, London Colney, Oxford Street, and Swindon have been sold to the fashion retailer, New Look. It is unclear when the stores will finally close or how many staff will be affected. The retailer has launched a consultation process with staff.</p><p>The move follows the appointment of Clearwater Corporate Finance to find new investment last month.</p><p>A spokesperson for Borders UK said it had no further comment to make on the clearance sale. </p>