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Borders Group

BUSINESS
March 29, 2010
TODAY → Commerce Department releases personal income and spending for February. → Treasury auction. → Quarterly earnings report due from Borders Group. TUESDAY → Standard & Poor's/Case-Shiller releases January index of home prices. → Conference Board releases its consumer confidence index for March. WEDNESDAY → Commerce Department releases factory orders for February. → Earnings reports due from Research in Motion and Rite Aid. THURSDAY → Major automakers report U.S. sales for March.
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BUSINESS
March 20, 2010 | By Sandra M. Jones
In the increasingly brutal book wars, Borders Group Inc. is learning what coffeehouses long have known: Encourage shoppers to think of you as a home away from home and they'll spend more, maybe even become regulars. To spur that feeling, Borders quietly unveiled a program last month that invites book clubs to convene at its cafes instead of in members' homes. The step is geared toward helping the money-losing bookstore chain drum up sales and reshape itself into a local gathering place instead of a faceless superstore.
BUSINESS
November 8, 2009 | Times Staff and Wire Reports
Borders Group Inc. will offer free shipping this holiday season for out-of-stock merchandise. If a book isn't in the store, Borders will find it and ship it to the customer for no charge, the Ann Arbor, Mich.-based company said. The guarantee, which applies to any item listed on Borders.com, will run until Dec. 16. The move could help the chain retain customers who might otherwise turn to Amazon.com to buy a book they can't find in stores. Free shipping will abound this holiday season, according to a survey by the National Retail Federation.
BUSINESS
November 6, 2009 | Times Wire Reports
Borders Group Inc. says it will close 200 Waldenbooks stores and cut 1,500 jobs in January to make the chain smaller and more profitable. Borders, based in Ann Arbor, Mich., said the closings would leave about 130 Waldenbooks stores still in business. The company says the closures will not affect any Borders superstores or any of its mall kiosks, including 500 Day by Day Calendar Co. spots and other mall-based stores.
BUSINESS
January 6, 2009 | Associated Press
Borders Group Inc., which has struggled along with other booksellers as people buy more books online and from discounters, announced a new chief executive and other top managers Monday as it reported weak holiday sales. The Ann Arbor, Mich.-based company also warned that its stock was in danger of being delisted from the New York Stock Exchange. The shares have lost nearly all of their value in recent months amid larger-than-expected losses and financing trouble.
BUSINESS
November 26, 2008 | Times Wire Reports
Borders Group Inc. said it was no longer considering a sale of the company. It said it might still sell its Paperchase Products unit to Pershing Square Capital Management for $65 million. The bookseller posted a third-quarter net loss of $175.4 million, or $2.90 a share, wider than the $161.1 million, or $2.74, deficit a year earlier, as consumers cut back on purchases of books and magazines. Revenue fell to $693.4 million from $765.2 million, the Ann Arbor, Mich.-based company said.
BUSINESS
August 27, 2008 | From Times Wire Services
Borders Group Inc. reported a narrower second-quarter loss. The second-largest U.S. bookseller lost $9.2 million, or 15 cents a share, compared with $25.1 million, or 43 cents, a year earlier. Revenue fell to $758.5 million from $812.4 million, the company said.
BUSINESS
June 12, 2008 | From Times Wire Services
Billionaire hedge fund manager William Ackerman said Borders Group Inc. should consider approaching online retailer Amazon.com Inc. about a possible acquisition. The founder of Pershing Square Capital Management said Borders, of which the hedge fund owns about 30%, could become the "bricks-and-clicks" component of Amazon's nationwide sales strategy. Borders, which put itself up for sale in March, has about 500 retail outlets across the country. "Amazon could buy the company for about $400 million to get those locations that would take more than $1 billion to build," he said.
ENTERTAINMENT
May 30, 2008 | Josh Getlin, Times Staff Writer
Clusters of TV and computer screens beam chatty videos about cooking, travel and wellness books. A music kiosk lets visitors download MP3s or burn CDs, while another offers tips on how to publish your own novel. Welcome to the newly opened Borders bookstore in Southbury, Conn., which looks less like a traditional branch of the nation's second-largest book chain and more like what customers might see on their home computers. "We wanted to go beyond selling books, CDs and DVDs and become a headquarters for knowledge and entertainment," said Borders Group Inc. Chief Executive George Jones of the recently opened "concept stores," including one in National City, near San Diego.
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