Borders U.K. Administrators in Talks on Store Sales (Update1)

c.2009 Bloomberg News

(Adds potential store closures date in second paragraph.)

Dec. 15 (Bloomberg) -- MCR, the joint administrators for Borders U.K., the bookstore chain once owned by Borders Group Inc., said it is in "advanced stages of negotiations" with parties about buying some of its stores and assets.

If the administrators cannot agree on a sale this week, all stores will close on Dec. 22, with staff employment ending Dec. 24, MCR said today in an e-mailed statement. The administrators said previously 1,150 employees were affected.

HMV Group Plc, the U.K.'s largest CD retailer, is considering buying "one or two" Borders stores to add to its Waterstone's unit, Chief Executive Officer Simon Fox said on Dec. 11.

For Related News and Information: Top stories on media and technology: TTOP