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Sunday, September 25, 2011

It's curtains for Borders in S'pore

Border closedown sales 70%offs

Ong dai lin-Sep 24,11

SINGAPORE - The curtains have fallen on Borders bookstore, marking the end of the final chapter in the demise of the former book retail giant here.

Yesterday - a month after the shutters went down on its flagship bookstore in Wheelock Place due to a rental dispute - Borders said in a statement that its remaining outlet at Parkway Parade will close at 9pm on Monday.

Borders Singapore opened its store at Wheelock Place in 1997. A decade later, it opened the Parkway Parade store.

In a press statement, the book retailer said it has started a closing down sale with a 70-per-cent discount on all stocks in the store.

The statement added that Borders USA had terminated the brand licence agreement on Wednesday, "giving 90 days' notice to Borders Singapore to cease all activities authorised through the licence agreement".

Borders Singapore's lease on its Parkway Parade store expires at the end of next month. And its judicial manager Tim Reid said the landlord had offered to extend the lease "at least until year end" - an option that Mr Reid said he had "seriously considered".

He added: "But the response from customers to the sale ... has been so pleasing that the economics of extending the lease were not persuading."

Mr Reid said he will "shortly advise creditors, including gift card holders", how he proposes to deal with their claims.

When Today visited the Borders store at Parkway Parade yesterday, almost half of the premises were empty and cordoned off. The remaining area was packed with customers hoping to pick out bargains. Staff declined to speak to this reporter.

Customers told Today they were sad to see the bookstore go.

Kindergarten teacher Sujata Raichowdhury said: "Borders is a place where you can browse the books, relax and then decide if you want to buy the book. I can't think of another bookstore where you can do that. I hope they will re-open again soon."

- Ref:itoday-
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