Joint administrators at MCR have stepped in to UK bookstore chain Borders as it becomes the latest high street name to be badly affected by the recession. Reports had tipped BDO as administrators, but MCR was announced late Thursday afternoon. Philip Duffy, Geoff Bouchier and David Whitehouse are now working to save 1,150 jobs and 'maximise realisation' for the chain's creditors. Borders first opened in Britain in 1997. Its American parent was created in 1971 by brothers Tom and Louis Borders. It was spun off from Borders group in 2007, but has been hit by increased internet competition, which led to a severe cashflow situation. Several of the company's suppliers have placed the business on stop or reduced credit limits and a number of credit insurers have reduced cover to the company. Administrators said the 45 stores are remaining open for trading while a review of Borders' affairs is conducted and a buyer can be found for some or all of the stores. Duffy said some interest had already been shown. 'The appointment of MCR as administrators to the business is indicative of the weakening position of book retailers in the current market with competition on bestsellers from supermarkets and the growing strength of the digital and on-line markets in this sector,' he said. Staff wages will continue to be paid as an expense of the administration.