Christmas Redundancies for Borders Staff |
| Wednesday, 16 December 2009 | |
Administrators have warned that unless Borders finds a buyer this week, then all 1,100 staff working for the book chain store will lose their jobs on Christmas Eve.Borders administrator MCR have said that there in "talks" to sell some of the stores but stated that 45 Borders and Books Etc stores would close by the 22nd of December; with staff finishing their last ever shifts two days later, unless deals to sell the other stores are finalised by the end of the week.Mr Duffy, a partner at MCR has reassured staff working in the store that they will receive pay for the work they have been doing during administration and that a further update and announcements regarding staff job losses will be given to each store at the end of this week. Borders, the famous book store, went into administration last month, with 40 head office staff losing their jobs. The business had struggled with cash-flow problems due to dwindling sales, stock levels were also an issue as suppliers cut credit limits and insurers reduced their cover. The company chairman blamed increasing pressure from internet competitors and supermarkets over the recession period for the decline in sales at the store. Job Centre Vacancies says: The recession has had a huge impact on traditional high street retailers. The buying power of supermarkets coupled with low overheads for online retailers has forced retailers out the market. There is hope yet for the 1,100 staff, rumours are that Waterstones are looking to buy a large amount of stores at a discounted price. Next news article: MOD Chops Jobs |