Discount bookseller County Bookshops is to likely be broken up and sold off piecemeal because no buyer has yet emerged.
The retailer went into administration on December 29 after poor trading over Christmas, and administrator KPMG has so far been unable to sell it as a going concern. But there is still hope that a buyer may be found, according to KPMG. 'We are still looking for a buyer. We're following a few leads,' a spokeswoman said.
However, County managing director Paul Anderson said he is working with the administrators to sell the assets separately. 'That's what we're trying to do. We're closing stores virtually on a daily basis,' he explained.
Anderson said County staff, numbering slightly less than 200, are being made redundant as stores close. He also confirmed that a few days before going into administration, County sold 24 stores to Remainders, boosting that discount book group's store numbers to 204. Remainders trades under three fascias - Booksale, Banana Bookshop and The Works.
KPMG would not disclose how much County's assets are thought to be worth.
There are 40 leasehold stores left on high streets in small towns throughout the UK.
County hit the buffers as competition in the book market intensified.
Increased pressure from grocers such as Tesco and Asda, which are pushing into non-food categories, has affected specialist booksellers, as has the growth of online book sales.
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