Borders shuts flagship store

Borders UK has strongly denied it is suffering disrupted supplies to stores from suppliers having credit insurance scaled back.

Philip Downer, the chief executive, said that it was managing stock in line with a recent fall in the wider market, which was down by 11.5 per cent for the week ending 4 July.

Asked about mixed availability at its London Brent Cross store over the weekend, he said sections were being reorganised after its "Summer 2" campaign launch last week.

Borders is to close five stores – its London flagship on Oxford Street, Llantrisant, London Colney, Dublin and Swindon – and will start a huge clearance sale this week. Borders UK has appointed Clearwater Corporate Finance to seek "new funding".