Borders, the US book chain, said yesterday it planned to withdraw from Britain, underlining the dire state of book retailing on the high street.
The group said it had hired the investment bank Merrill Lynch to explore alternatives for its 71 stores in the UK. It also plans to get rid of its businesses in Ireland, Australia and New Zealand. The announcement follows HMV’s decision last week to close 30 of its Waterstone’s book chain.
Borders’ UK business consists of 41 Borders, selling books and music, 27 Books Etc and three smaller Borders Express shops. The US chain first arrived in Britain when it acquired Books Etc in 1998, opening its first Borders branded store with much fanfare in August that year. The UK business employs more than 2,000 people. The company said same-store sales in Britain were “flattish” in the fourth quarter.
Extract taken from;
Borders retreats from Britain to concentrate on US book chain
David Teather, The Guardian, March 23, 2007