Borders UK is to shut all its stores on December 22 unless a buyer for the business is found.

Administrator MCR said that while it is in “advanced stages of negotiations with a number of parties” about purchasing certain stores or assets of the retailer, no deal has yet been finalised.

The 1,150 Borders staff’s last day in employment will be Christmas Eve, should all the shops shut.

MCR partner Phil Duffy said: “Staff consultation will continue throughout this week and a further update will be given for each store at the end of the week.

“We have reassured staff that they will be paid for all of their work during the administration.”

The bookseller has been selling non-book related products such as dolls and Denby pottery in its Closing Down Sales, as well as the store’s fixtures and fittings, prompting fears that the shops were on the verge of permanently shutting their doors.

Borders collapsed last month and MCR said it has been trying to sell the business as a going concern, while holding converstaions with retailers such as HMV and All Saints about taking some of the stores.

This week’s Retail Week revealed Books etc founder Richard Joseph was looking at buying nine stores from the administrator.