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426278 2038-01-18 05:00:00.0 UTC 2038-01-18T00:00:00.000-05:00 2008-03-21 02:34:02.0 UTC 2008-03-20T22:34:02.000-04:00 borders-may-put-itself-up-for-sale Published 2010-10-28 13:44:50.0 UTC 2010-10-28T09:44:50.000-04:00 incoming DTI 36892896 Borders, the nation's second-largest bookseller, said Thursday that it may put itself up for sale and that it has lined up $42.5-million in financing to help it continue operations. Shares tumbled more than 28 percent, or $2.03, to close at $5.07 in volatile trading Thursday while analysts wondered whether Barnes & Noble would be interested in a purchase of its weaker rival. Borders, based in Ann Arbor, Mich., has lost market share both to online retailers and to discounters like Wal-Mart, and its possible sale was given mixed prospects by industry analysts. The operations financing announced Thursday comes from hedge fund Pershing Square Capital Management LP, its largest shareholder, and includes an offer to buy Borders' international businesses. "This will be a challenging year for retailers due to continued uncertainty in the economic environment," said Borders CEO George Jones. "Looking forward to 2008 and beyond, the company determined that additional capital was required." In the Tampa Bay area, where Borders and its mall-based spinoff Waldenbooks have 10 locations and employ about 300 people, customers worried that the store is in trouble. "That's a bummer," said Dave Corrigan, 43, of Seminole as he left the Borders store at Tyrone Square Mall in St. Petersburg. "A lot of the appeal is just being able to see other books. I really like James Patterson, and I can see what else he writes. It's harder to do that on the Internet. "And I just like the feel of Borders more than Barnes & Noble." Steve Hindman, 57, of Sarasota was more pragmatic. He prefers brick-and-mortar bookstores to shopping online. "I've heard stories about eBay," he said. "But with gas prices going up, sometimes it's cheaper to order online. You're better off paying the shipping." Hindman, who had bought a book about fishing tackle, glanced over his shoulder at the store. "I'd really hate to see all the employees lose their jobs," he said. For now, that's not the plan. Borders Group Inc. said it is reviewing a wide range of possibilities, including the sale of only part of the company or certain divisions. A spokeswoman for the company said there are no store closures associated with Thursday's announcement. "In the economic environment, we believe we're on the right track and our plan is the right one to get us there," CEO Jones told analysts in a conference call. "Now we have the flexibility necessary to get us where we need to be." Credit Suisse analyst Gary Balter expressed some doubts. "We see little opportunity in the near term for Borders to be sold, with the No. 1 candidate Barnes & Noble not likely to pursue a deal at this price," Balter wrote in a note to investors. Barnes & Noble Inc., the nation's largest bookseller, on Thursday said fourth-quarter profit declined 9 percent. Barnes & Noble told investors during a conference call that it has not been approached by Borders' bankers, but if it were, it would take a look at its rival. Times staff writer Tom Zucco contributed to this report, which includes information from the Associated Press. Times staff and wire report Sale,BordersGroup Borders may put itself up for sale By DAVID RUNK Associated Press 4STD Business dhyj3h4p338e dhyj3 BORDERS MAY PUT ITSELFUP FOR SALE <p><b>>></b><b>FAST FACTS</b></p><p><b>About Borders</b></p><p><b>Founded: </b>1971 by Tom and Louis Borders, Ann Arbor, Mich.</p><p><b>Superstores: </b>567</p><p><b>Employees: </b>16,600</p><p><b>Financial: </b>Reported fourth-quarter net income of $64.7-million, or $1.10 a share, compared with a loss of $73.6-million, or $1.22, during the same period last year. For the full fiscal year, the company reported a loss of $157.4-million, or $2.68 a share.<br /><br /></p> AP DATASTREAM 1 1D_BORDERS032108 BORDERS MAY PUT ITSELFUP FOR SALE 2008-03-21 04:00:00.0 UTC 2008-03-21T00:00:00.000-04:00 Borders said that, for now, stores such as the one at Tyrone Square Mall aren&#8217;t slated to close. resources/images/dti/2008/03/d4s_borders032108c_15127a.jpg WILLIE J. ALLEN JR. | Times resources/images/dti/rendered/2008/03/d4s_borders032108c_15127a_4col.jpgresources/images/dti/rendered/2008/03/d4s_borders032108c_15127a_8col.jpg resources/images/dti/2008/03/d4s_borders032108a_15126a.jpg resources/images/dti/rendered/2008/03/d4s_borders032108a_15126a_4col.jpgresources/images/dti/rendered/2008/03/d4s_borders032108a_15126a_8col.jpg resources/images/dti/2008/03/d4s_borders032108b_15125a.jpg resources/images/dti/rendered/2008/03/d4s_borders032108b_15125a_4col.jpgresources/images/dti/rendered/2008/03/d4s_borders032108b_15125a_8col.jpg true templatedata/tampabaytimes/StaffArticle/data/2008/03/20/36892896-borders-may-put-itself-up-for-sale StaffArticle Borders, the nation's second-largest bookseller, said Thursday that it may put itself up for sale and that it has lined up $42.5-million in financing to help it continue operations.Sale,BordersGroupSale,BordersGroupTimes staff 1010253 2038-01-18 05:00:00.0 UTC 2038-01-18T00:00:00.000-05:00 2012-10-25 12:56:07.0 UTC 2012-10-25T08:56:07.000-04:00 times-staff published 2014-06-03 12:15:51.0 UTC 2014-06-03T08:15:51.000-04:00 Times staff <p>If you have a news tip, please call our City Desk at 727-893-8215.</p> <p>You can also call one of our county news bureaus directly:</p> <p>Hernando County: 352-754-6101</p> <p>Hillsborough County/Tampa: 813-226-3303</p> <p>North Pinellas County: 727-445-4221</p> <p>Pasco County: 727-869-6235</p> <p>On the Web, you can also go to <a href="http://sptimes.com/connect/"> sptimes.com/connect/ </a> for details on other ways to contact us.</p> writers DTI 52016606 If you have a news tip, please call our City Desk at 727-893-8215. You can also call one of our county news bureaus directly: Hernando County: 352-754-6101 Hillsborough County/Tampa: 813-226-3303 North Pinellas County: 727-445-4221 Pasco County: 727-869-6235 On the Web, you can also go to sptimes.com/connect/ for details on other ways to contact us. <p>E-mail: <a href="mailto:local@tampabay.com">local@tampabay.com</a></p> false templatedata/tampabaytimes/AuthorProfile/data/52016606-times-staff AuthorProfile 2012-10-25 12:56:07.0 UTC 2012-10-25T08:56:07.000-04:00 <span style="display:none;" class="author vcard"><span class="fn">TIMES STAFF</span></span><span style="display:none;" class="source-org vcard"><span class="org fn">wire report</span></span><a rel="item-license" href="http://www.ap.org/company/Terms-conditions" id="license-426278">Copyright: For copyright information, please check with the distributor of this item, wire report.</a>wire report 2269954 2016-03-18 21:38:09.0 UTC 5 Months Ago diapers-put-squeeze-on-the-poor incoming Diapers put squeeze on the poor StaffArticle 2277864 2016-05-18 16:44:50.0 UTC 3 Months Ago test-headline incoming News at noon: Reaction to our Walmart investigation; where the 2016 delegate count stands; Mexican border wall; Lightning live chat and a look at the team's super fans StaffArticle 2278982 2016-05-26 00:52:34.0 UTC 3 Months Ago what-putting-bill-cosby-on-trial-can-and-cant-do incoming What putting Bill Cosby on trial can— and can't— do StaffArticle <p><b>B</b>orders, the nation's second-largest bookseller, said Thursday that it may put itself up for sale and that it has lined up $42.5-million in financing to help it continue operations.</p> <p>Shares tumbled more than 28 percent, or $2.03, to close at $5.07 in volatile trading Thursday while analysts wondered whether Barnes &amp; Noble would be interested in a purchase of its weaker rival.</p> <p>Borders, based in Ann Arbor, Mich., has lost market share both to online retailers and to discounters like Wal-Mart, and its possible sale was given mixed prospects by industry analysts.</p> <p>The operations financing announced Thursday comes from hedge fund Pershing Square Capital Management LP, its largest shareholder, and includes an offer to buy Borders' international businesses.</p> <p>&quot;This will be a challenging year for retailers due to continued uncertainty in the economic environment,&quot; said Borders CEO George Jones. &quot;Looking forward to 2008 and beyond, the company determined that additional capital was required.&quot;</p> <p>In the Tampa Bay area, where Borders and its mall-based spinoff Waldenbooks have 10 locations and employ about 300 people, customers worried that the store is in trouble.</p> <p>&quot;That's a bummer,&quot; said Dave Corrigan, 43, of Seminole as he left the Borders store at Tyrone Square Mall in St. Petersburg. &quot;A lot of the appeal is just being able to see other books. I really like James Patterson, and I can see what else he writes. It's harder to do that on the Internet.</p> <p>&quot;And I just like the feel of Borders more than Barnes &amp; Noble.&quot;</p> <p>Steve Hindman, 57, of Sarasota was more pragmatic. He prefers brick-and-mortar bookstores to shopping online. &quot;I've heard stories about eBay,&quot; he said. &quot;But with gas prices going up, sometimes it's cheaper to order online. You're better off paying the shipping.&quot;</p> <p>Hindman, who had bought a book about fishing tackle, glanced over his shoulder at the store. &quot;I'd really hate to see all the employees lose their jobs,&quot; he said.</p> <p>For now, that's not the plan. Borders Group Inc. said it is reviewing a wide range of possibilities, including the sale of only part of the company or certain divisions. A spokeswoman for the company said there are no store closures associated with Thursday's announcement.</p> <p>&quot;In the economic environment, we believe we're on the right track and our plan is the right one to get us there,&quot; CEO Jones told analysts in a conference call. &quot;Now we have the flexibility necessary to get us where we need to be.&quot;</p> <p>Credit Suisse analyst Gary Balter expressed some doubts. &quot;We see little opportunity in the near term for Borders to be sold, with the No. 1 candidate Barnes &amp; Noble not likely to pursue a deal at this price,&quot; Balter wrote in a note to investors.</p> <p>Barnes &amp; Noble Inc., the nation's largest bookseller, on Thursday said fourth-quarter profit declined 9 percent.</p> <p>Barnes &amp; Noble told investors during a conference call that it has not been approached by Borders' bankers, but if it were, it would take a look at its rival.</p> <p><i>Times staff writer Tom Zucco contributed to this report, </i><br /><br /><i>which includes information </i><br /><br /><i>from the Associated Press.</i></p>trueruntime2016-08-30 05:25:19