Borders to shed its Books Etc

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The group will sell the seven remaining Books Etc stores, which have been a financial burden for several years, and two smaller Borders Express outlets.

Borders UK, which has 36 stores, separated from its US parent through a rescue management buyout backed by retail restructuring specialists Hilco in July. A spokesman said: "Our future strategy is single-brand."

Last year Borders sold eight Books Etc stores to rival Waterstone's and five, including the flagship Oxford Street branch, to fashion chain New Look.