The retailer is thought to be up for sales after its current owners suspended dividend payments and brought onboard advisers.

Borders up for sale?

The firm’s chief executive George Jones blamed trading conditions, including a weakened economy, increased borrowing costs as well as intense competition from online retailers such as Amazon and supermarkets, which have increasingly encroached on its staple business of books, DVDs and CDs.

"We will be slowed in our progress and expect that we’ll reach them later than originally anticipated," said Jones. "Still, we believe that our strategic plan remains the right path toward achieving these goals."

Former Channel 4 chairman, Luke Johnson bought the UK side of the business in 2007 for £10 million.

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