Borders UK is considering whether to adopt a wider entertainment stance as part of its new strategy following the management buyout of the business last week.
Chief executive Philip Downer – who led the buyout with finance director Mark Little, backed by Hilco’s private equity arm Valco Capital Partners – said broadening Borders UK’s offer is an “interesting idea” and “always a consideration”.
Downer also said he is “not averse to the idea” of opening more stores, despite selling off five of its flagship stores – including London’s Oxford Street shop – to fashion chain New Look shortly before the buyout.
It is understood a key plank of Borders UK’s strategy is to get rid of its Books etc stores, which it has been trying to sell for some time.
Downer declined to comment on further store closures.
He added: “Our immediate aim is to drive sales in our existing portfolio of stores.” He also declined to comment on the ownership structure of the business, but it is thought Luke Johnson’s Risk Capital Partners and failed Icelandic bank Landsbanki no longer have a relationship with the retailer.
Borders UK is seeking a new chairman to replace Johnson. Downer said: “The deal moves us on to the next chapter. The level of uncertainty has been removed from the business. It now gives us a chance to drive sales. The good news is there are opportunities.”
Downer said an administration is “not anybody’s intention”.