Borders U.K. has confirmed a 90% reduction on remaining stock for its last day of trading today (Dec. 22).

A spokesman for administrator MCR said that unsuccessful bids had been made which had failed to meet expectations.

Richard Joseph, who co-founded the Books Etc chain that was later sold to Borders, tried to negotiate a deal to save "a bunch of stores," he told the Bookseller.

But MCR said that the 45 stores would cease trading on Dec. 22, stating that it had not been possible to sell the chain as a going concern.

Some selected stores may remain open until Dec. 23.