Bookshop chain Borders has collapsed into administration, raising doubts over 1,150 jobs.
The firm, which has 45 branded Borders and Books Etc stores across the UK, has come under severe pressure during the past year.
Administrators MCR said the business continued to trade while a buyer is sought for all or some of the company’s stores.
The administration follows the continuing pressure on the retailer from increased Internet competition, which has accelerated over the last year with sales levels falling. further behind prior year levels.
As a result the company has suffered from severe cash flow pressure and several of its suppliers have placed the business on stop or reduced credit limits. A number of credit insurers have also reduced cover.
Borders opened in Britain for the first time in 1997. Brothers Tom and Louis Borders established its American parent in 1971. It was spun off from Borders Group in 2007.
Phil Duffy from MCR said: "All stores currently remain open for business as normal whilst the administrators undertake a review of the company's affairs and seek a purchaser for all or some of the company's stores in which there has already been interest.
"All outstanding employee wages have been paid up to date and ongoing wages for retained staff will continue to be paid as an expense of the administration."
