Struggling shops now selling off stock
Struggling book company Borders UK has announced it is closing its Books Etc and Borders Express Stores, including shops in both Fulham and Hammersmith Broadway.
Shoppers have been surprised to see the store windows plastered with posters announcing they are closing down and selling off their stock at reduced prices.
CEO A statement from the CEO of Borders UK, Philip Downer, said: " We will be repositioning the Books etc stores as clearance outlets, with a view to future closure.
" This process will take us closer to exiting our small store business, in line with our strategic objectives. Books Etc store managers were notified yesterday and consultation with store staff has now commenced. "
Borders UK came close to collapse in July under its then owner Risk Capital Partners, the private equity vehicle of Luke Johnson, the Channel 4 chairman. But the company was rescued at the 11th hour by retail restructuring specialist Hilco's investment arm Valco Capital Partners in a management buyout led by Philip Downer.
Insiders say Borders has suffered from growing book sales by supermarkets and online retailers such as Amazon, and from expensive rents on its big shops.
So far, the company has not confirmed when the stores will actually close their doors.
October 14, 2009
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