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Friday, 18 December 2009

Borders to close Tuesday 22nd December

Reuters reports announcement from MCR that Borders will close for good Tuesday 22nd -announced at 5pm today

Well, having been in High Court this week defending (effectively) retention of title claims by publisher Hachette, perhaps Messrs Duffy, Bouchier and Whitehouse (joint Administrators) will want a quieter Christmas!

That and many rents will be due end of the month, if cash is not being raised fast then fixed costs will be too much of a mountain to meet.

As this Blog often reports Hilco and others will be combing the retail sector for the next retail failure. Why not - this week and next are critical for many retailers.

Retailers of course, should plan now for restructure. Use CVA and keep cash from Christmas sales, drive down employment costs and kill leases - a good scheme!

Or, if independent capital is available consider pre-pack.

Either way retailers under the cash cosh need to move fast. Get independent advice now.

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