Borders U.K. called in the administrators - roughly equivalent to Chapter 11 bankruptcy protection - on Thursday (Nov. 26), joining a string of British high-street retailers that have fallen victim to the economic slump and tough competition.

Administrator MCR said it hoped to sell the company as a going concern but noted that the 1,150 employees were at risk.

The firm, which also trades as Books Etc, has faced intense competition from Internet booksellers and supermarkets. It also sells CDs and DVDs.

The 45-store group has been struggling to raise enough cash to trade through the key Christmas period, according to newspaper reports.

Borders is owned by Valco Capital Partners, the private equity arm of restructuring specialist Hilco.

Hilco founding partner Paul McGowan told Reuters Hilco was the main secured creditor to Borders and was owed around £6 million ($10 million).

Valco purchased Borders in July from private equity firm Risk Capital. The U.K. company was spun off from its former U.S. parent, Borders Group, in 2007, MCR said.