Borders, one of Britain's biggest booksellers, which also owns Books Etc, announced a closing down sale on Saturday putting 1150 jobs at risk, having moved into administration on Friday. Reports suggest savings of between 20 and 50 per cent can be had.

The chain of shops, first opened in 1997, has been struggling in recent months due to increased pressure from Internet competition and supermarkets as well as deteriorating conditions in the retail market and recently stopped taking new book orders online.

Borders sells a range of items including books, magazines, cards, DVDs and CDs as well as hosting other retailers such as Starbucks (view CIO UK slide show from Starbucks CIO here).

The following statement can be found on the Borders website.

"MCR appointed Administrator to Borders (UK) Limited

Philip Duffy, Geoff Bouchier and David Whitehouse of MCR have been appointed joint administrators of Borders (UK) Limited ("the Company").

Borders (UK) Limited has 45 stores, 36 trading as Borders and nine as Books Etc across the UK.

The joint administrators are currently working with the Company's management in order to attempt to sell the business as a going concern.

The joint administrators are continuing to trade all stores whilst they assess the financial position of the Company.

Should you have any questions please email [email protected] in the first instance.

The joint administrators act as agents of the Company and without personal liability. Your statutory rights will not be affected."

Phil Duffy, Administrator of Borders, added: “All stores 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.”

Music, games and DVD chain Zavvi closed early this year, after administrators at Ernst & Young, appointed to run the company after it filed for bankruptcy protection on Christmas Eve, failed to keep the stores open.Borders in the US is a seperate company and as this report shows, is trading successfully online.