The Borders branch at Parkway Parade will close permanently come Monday 9 pm.
The book shop has started a final closing down sale with a 70 per cent discount on all stock in the store.
This closure of Borders' only remaining outlet here comes shortly after its flagship store at Wheelock Place shut down suddenly in August due to a rental dispute with the landlord.
In a statement, Tim Reid of Ferrier Hodgson, the judicial manager of Borders, said that Borders USA had terminated the brand license agreement with Borders Singapore on Wednesday. The latter has therefore to stop all activities authorised through the agreement.
Borders Singapore had secured rights to the use of the “Borders” brand and intellectual property rights through a brand license agreement that was secured when the Australian, New Zealand and Singaporean Borders operations were purchased from Borders USA.
Reid said he was offered an extension of the lease of Borders' Parkway Parade store, which was to expire at the end of October, but "the response from customers to the sale we have been running has been so pleasing that the economics of extending the lease were not persuading."
Reid added that he will soon advise creditors, including gift card holders, how he proposes to deal with their claims.
“Finally, I would like to thank the customers of Borders who have, over the last several weeks, continued to support the company. I know that the staff have appreciated the frequent kind and encouraging words many customers have expressed to them. It is certainly a sad time," he said.
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Parkway Parade's Borders to close on 26 September
By Fann Sim | Yahoo! Newsroom – Fri, Sep 23, 2011
View PhotoThe closure of Borders' Parkway Parade branch comes shortly after its flagship store at Wheelock Place shut down suddenly in August. (Yahoo! photo)
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