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The Writing is On the Wall For Borders Books
Author: Daniel Taylor20 Mar
Borders, the second-biggest bookseller in the US, is looking for potential buyers after suspending its dividend in the face of a funding crisis:
Borders said its largest shareholder, Pershing Square Capital Management, agreed to loan it $42.5 million, and will receive options to buy a 19.99 percent stake in the company at $7 a share. Without the financing, Borders may have faced liquidity issues, it said.
“Borders effectively announced this morning that they are out of cash and took a stopgap funding” from Pershing, Credit Suisse analyst Gary Balter said in a research note.
While some analysts raised the possibility of a deal with Barnes & Noble, the company said on Thursday it had not been approached by Borders’ investment bankers, but would review a possible acquisition if it were contacted.
In so many words, there will soon be one less place for Americans to not buy books. But hey, at least we have BLOGS!, which are like books only for stupid people.
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2 Responses for "The Writing is On the Wall For Borders Books"
It’s no wonder they’re not doing well. They repeatedly fail to prominently stock recent hot sellers, and are late in offering them. In addition, costs are bloated due to excess costs spent shuffling and reshuffling book locations, and locating in premier (high-cost) areas.
Now would be the time for Borders to consider some massive reconfiguration/reconception of its business, instead of turning to the same old culprits (business strategists, branding gurus) to feed off it as it starts turning out the lights. I’ve blogged, hopefully slightly smartly, about it at DIM BULB if you’d like to check it out: http://dimbulb.typepad.com/my_weblog/2008/03/borders-reprint.html
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