The administrators of REDGroup Retail, Ferrier Hodgson, said bookstores Angus & Robertson and Borders will be forced to close within days if a buyer is not found.
Administrator John Melluish said they are now “urgently seeking offers from potential buyers of all or part of the Angus & Robertson or Borders networks” and would also “consider offers for individual stores”.
“If we are unable to find a suitable buyer, the Angus & Robertson and Borders stores will be closed,” he said.
This follows the closure of 55 Angus & Robertson and Borders stores over the past four months.
Ferrier Hodgson has also announced that 34 employees at REDgroup’s head office will be made redundant.
Melluish said the redundancies came in advance of decisions about the future of the REDgroup bookstore businesses.
The administrators have guaranteed all employee entitlements accrued from the date of the appointment of administrators on February 17, 2011. Payment of entitlements accrued prior to the administration is dependent on final stock realisation, which will be known within the next few weeks.