Borders Group
| Borders Group, Inc.
|
|
|---|---|
 |
|
| legal form | Incorporated |
| founding | 1971 |
| resolution | 2011 |
| Reason for dissolution | insolvency |
| Seat |
Ann Arbor , United States
|
| management | George L. Jones ( CEO ) |
| Number of employees | 14,100 (2007) |
| sales | 3.82 billion US dollars (2007) |
| Branch | Book trade |
| Website | www.bordersgroupinc.com |
The Borders Group, Inc. was an international book trading company based in Ann Arbor , Michigan .
Prior to its Chapter 11 bankruptcy on February 16, 2011 , Borders was the second largest book retailer in the United States after Barnes & Noble , with a 13 percent market share. In addition to books, Borders also sold CDs, DVDs and magazines, as well as e-book readers from various manufacturers. In mid-July 2011, Borders only had 399 of its original 650 branches, employed only 10,700 people instead of the previous 19,500 and had fallen to a market share of less than five percent. The complete liquidation of the company was completed in September 2011.
Borders was founded in 1971 by Tom and Louis Borders in Ann Arbor , Michigan . In 1992 the founders sold the company to kmart Corp. and retired from management. The company temporarily had branches in England, Australia and Singapore. However, the Borders UK division broke away from the parent company in 2007, had to file for bankruptcy on November 26, 2009, and closed all stores on December 24, 2009. In the online business, Borders had worked closely with Amazon.com for a time; since the liquidation, the borders.com website has been redirected to the pages of the Barnes & Noble bookstore chain.
The company was recently badly hit by its credit-financed expansion policy and had to contend with sharply declining sales, which it attributed, among other things, to the increasing popularity of e-books. In the third quarter of 2010, the company had only turned over 470.9 million US dollars, making a loss of 74.4 million dollars.
Web links
Individual evidence
- ↑ a b Annual Report 2007, Format 10-K. Borders Group, Inc., April 14, 2008, accessed January 1, 2009 .
- ^ Calling Off Auction, Borders Plans to Liquidate , New York Times report , accessed online July 18, 2011.
- ↑ Where are they now? Borders brothers long gone from Ann Arbor as chain nears bankruptcy. Retrieved March 19, 2019 .
- ↑ Borders Group Reports Third Quarter 2010 Results ( Memento of the original from April 12, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Company press release dated December 9, 2010, accessed February 16, 2011
