Product Range of Borders Group -
June 13th, 2011
Borders Group, Inc. (OTCBB: BGPIQ) is an international book and music retailer based in Ann Arbor, Michigan. The company employs approximately 19,500 throughout the U.S., primarily in its Borders and Waldenbooks stores. Online shopping is offered through borders.com.
As of January 30, 2010, the company operated 511 Borders superstores in the United States, including 508 in the U.S. and three in Puerto Rico. The company also operated 175 stores in the Waldenbooks Specialty Retail segment, including Waldenbooks, Borders Express, Borders airport stores, and Borders Outlet stores.
On February 16, 2011, the company announced that it had filed for Chapter 11 bankruptcy protection, listing $1.275 billion in assets and $1.293 billion in debts in its filing. The company also announced the liquidation and closing of 226 stores. Borders has missed the May 6 deadline to find a bidder; they could go out of business in the next few weeks. Two private-equity firms, the Gores Group and Najafi Companies, are interested in purchasing half of the remaining Borders Group stores. A judge has granted Borders a 120 day extension beyond the original June 16 deadline to file a plan with the court.
Borders Group formerly operated stores in Australia, New Zealand and Singapore. However, these were sold off to Pacific Equity Partners (which owned rival Angus & Robertson) in 2008, then were later sold again to RedGroup Retail. The stores continued to operate under the Borders brand under the unaffiliated Borders (Asia Pacific) brand until RedGroup were placed into voluntary administration in February 2011; with the five New Zealand stores sold to the James Pascoe Group, and the Australian stores gradually shut down, with the last group to close by July 17.
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