Borders (retailer)

{{Short description|Defunct American bookseller and retailer}} {{About|the retailer|the unrelated literary festival held in Scotland|Borders Book Festival}} {{Use American English|date=May 2026}} {{Use mdy dates|date=April 2020}} {{Infobox company | name = Borders | logo = Borders (retailer) Logo.svg | logo_caption = Logo used since 2005 | image = Borders The Curve (211029).jpg | image_caption = A former Borders outlet in Malaysia | founded = {{Start date and age|1971}} | area_served = {{Ubl |Kuwait |Oman |Qatar |United Arab Emirates |Australia (defunct) |Ireland (defunct) |Malaysia (defunct) |New Zealand (defunct) |Singapore (defunct) |United Kingdom (defunct) |United States (defunct) }} | products = {{Ubl |Books |Stationery |Toys |CDs (formerly) |DVDs (formerly) |Magazines (formerly) }} | industry = Bookselling | owner = Al Maya Group (Middle East) Barnes & Noble (Rest of World, trademarks) | subsidiaries = Waldenbooks (former) }}

'''Borders''' was an American book and stationery retailer founded in 1971 in Ann Arbor, Michigan, by brothers Tom and Louis Borders.<ref>{{Cite web |last=Wray |first=Julian |date=2022-12-04 |title=I died with the last Borders bookstore |url=https://www.michigandaily.com/arts/b-side/chasing-ghosts-at-borders/ |access-date=2025-01-14 |website=The Michigan Daily |language=en-US}}</ref> Borders today now exists in multiple countries in the Middle East.

In October 1992, it was purchased by Kmart, and was then spun-off in 1995 as '''Borders Group, Inc.''' remaining headquartered in Ann Arbor, with Waldenbooks as its subsidiary.<ref>{{Cite web |last=Milliot {{!}} |first=Jim |title=Borders's Fall From Grace |url=https://www.publishersweekly.com/pw/by-topic/industry-news/bookselling/article/46223-borders-s-fall-from-grace.html |access-date=2025-01-14 |website=PublishersWeekly.com |language=en}}</ref><ref>{{Cite web |last=Erickson |first=Lauren |date=2023-10-04 |title=The Rise and Fall of Borders Bookstore |url=https://laurenerickson.substack.com/p/the-rise-and-fall-of-borders-bookstore |access-date=2025-02-09 |website=Between the Lines}}</ref> In 1997, Borders expanded into Singapore, and later Australia and New Zealand. In 1998, Borders expanded into the United Kingdom, and then later Ireland. In 2005, it opened in Malaysia, and in 2006, with Al Maya Group, it opened a location in the United Arab Emirates, and then further expanded across the Middle East.<ref>{{Cite web |last=Nair |first=Manoj |date=2021-07-10 |title=For Dubai's Al Maya Group, the final word has not been written on Borders' bookstores |url=https://gulfnews.com/business/retail/for-dubais-al-maya-group-the-final-word-has-not-been-written-on-borders-bookstores-1.1625822515999 |access-date=2025-01-14 |website=Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema |language=en}}</ref><ref>{{Cite web |title=What Does Borders Closing Down Say About The Future of Bookstores in Malaysia? |url=https://www.bfm.my/content/podcast/what-does-borders-closing-down-say-about-the-future-of-bookstores-in-malaysia |access-date=2025-01-14 |website=www.bfm.my |language=en}}</ref>

In September 2007, Risk Capital Partners purchased the Borders stores in the United Kingdom and Ireland, alongside a license to use the Borders name.<ref>{{Cite news |date=2007-09-21 |title=Borders sells its UK book stores|work=BBC |url=http://news.bbc.co.uk/2/hi/business/7006841.stm |access-date=2025-01-14 |language=en-GB}}</ref> In June 2008, REDgroup Retail purchased the Borders stores in Singapore, Australia and New Zealand with a license to the Borders name.<ref>{{Cite news |last=Page |first=Benedicte |date=2011-02-17 |title=Borders bankruptcy spreads to US and Australia |url=https://www.theguardian.com/books/2011/feb/17/borders-bankruptcy-spreads-us-australia |access-date=2025-01-14 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>

In November 2009, Borders in the United Kingdom and Ireland collapsed into administration, with all stores closed by year end, resulting in around 1,150 job losses.<ref>{{Cite news |last1=Wood |first1=Zoe |last2=Finch |first2=Julia |date=2009-11-26 |title=End of a chapter for Borders |url=https://www.theguardian.com/business/2009/nov/26/borders-closure-stores-amazon |access-date=2025-01-14 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> In June 2011, Borders closed in Singapore, Australia and New Zealand after its franchisor went into administration.<ref>{{Cite web |last=Zappone |first=Chris |date=2011-06-02 |title=The end: Borders to close remaining stores |url=https://www.smh.com.au/business/the-end-borders-to-close-remaining-stores-20110602-1fhlq.html |access-date=2025-01-14 |website=The Sydney Morning Herald |language=en}}</ref> In July 2011, Borders in the United States was liquidated after failing to find a buyer. It employed about 19,500 people throughout America, including Waldenbooks stores.<ref>{{Cite web |date=July 18, 2011 |title=Borders books to close, along with 10,700 jobs |url=https://www.cbsnews.com/news/borders-books-to-close-along-with-10700-jobs/ |access-date=April 22, 2020 |work=CBS News |agency=Associated Press}}</ref><ref>{{Cite news |last=Clark |first=Andrew |date=February 13, 2011 |title=Borders poised for bankruptcy |url=https://www.theguardian.com/business/2011/feb/13/borders-bankruptcy-on-cards-in-us |access-date=April 22, 2020 |work=The Observer |issn=0029-7712}}</ref> Its final U.S. stores closed in September 2011.<ref>{{Cite web |date=2011-09-16 |title=What Happened To Borders? |url=https://www.huffpost.com/entry/what-happened-to-borders_n_965235 |access-date=2025-01-14 |website=HuffPost |language=en}}</ref>

In September 2011, its rival Barnes & Noble acquired the Borders trademark and other intellectual property.<ref>{{Cite web |title=Barnes & Noble Big Winner in Borders IP Auction |url=https://www.publishersweekly.com/pw/by-topic/industry-news/bookselling/article/48719-barnes-noble-big-winner-in-borders-ip-auction.html |access-date=2025-01-14 |website=PublishersWeekly.com |language=en}}</ref> The Malaysian and Middle East Borders operations continued to trade under renewed franchise deals with Barnes & Noble. A 2013 attempt to re-establish the brand in Singapore failed.<ref>{{Cite AV media |url=https://www.youtube.com/watch?v=y2Qk3NFyfuQ |title=Borders bookstore to make comeback in Singapore - 31Jul2013 |date=2013-08-01 |last=154thmedia2013 |access-date=2025-01-14 |via=YouTube}}</ref> In 2015, Al Maya Group purchased the regional Borders trademark rights outright from Barnes & Noble, and diversified it into a merchandise mix of books, toys and stationery.<ref name="dubai">{{cite news |last=Nair |first=Manoj |date=9 July 2021 |title=For Dubai's Al Maya Group, the final word has not been written on Borders' bookstores |url=https://gulfnews.com/business/retail/for-dubais-al-maya-group-the-final-word-has-not-been-written-on-borders-bookstores-1.1625822515999 |newspaper=Gulf News |quote=Dubai retailer shows how to turnaround a bankrupt global brand into regional powerhouse}}</ref> The Malaysian Borders franchises closed in August 2023.<ref>{{Cite web |last=Sabrina |first=Sarah |date=2023-06-16 |title=BORDERS M'sia is shutting down after 18 yrs, here's what it says about our bookstore culture |url=https://vulcanpost.com/830563/borders-malaysia-bookstore-shutdown-history/ |access-date=2025-01-14 |website=Vulcan Post |language=en-US}}</ref>

==History== [[File:Borders flagship store.jpg|thumb|right|Borders No.1, downtown Ann Arbor, Michigan, 2005]] The original Borders bookstore was established in 1971 at 209 South State Street, Ann Arbor, Michigan, United States;<ref>{{cite web|url=http://www.northwestern.edu/magazine/northwestern/winter2001/features/bythebook/index.htm |title=By the Book |last=Su |first=Jennifer |website=Northwestern |access-date=February 16, 2021}}</ref><ref>{{Cite web |last=Brush |first=Mark |date=February 25, 2011 |title=Borders No. 1, where it all began in Ann Arbor |url=https://www.michiganradio.org/post/borders-no-1-where-it-all-began-ann-arbor |access-date=February 26, 2019 |website=michiganradio.org}}</ref> founded by brothers Tom and Louis Borders during their study at the University of Michigan.

In 1975, they bought out the stock of Wahr's, an 80-year-old bookstore that was ending business at 316 South State Street, hiring Michael Hildebrand and Harvey James Robin to manage and stock it with rare books. Hildebrand had managed Gibson's used and rare book department in East Lansing and Harvey Robin had restored rare books and moved his bindery upstairs. Wahr's was previously a textbook and school supplies vendor, but the brothers did not deal in textbooks. They moved the retail bookshop to larger quarters down the street at 303 South State, in the former Wagner and Son men's clothing store. The old shop was renamed Charing Cross Bookshop and Tom Frick was sent from the new bookshop to help.<ref>{{Cite web|last=Alloway|first=Gene|title=Wahr's Bookstore: Ann Arbor's Longest Lasting Bookshop|url=https://www.a2books.org/wahrs-bookstore-ann-arbors-longest-lasting-bookshop|access-date=July 18, 2022|website=Ann Arbor Book Society|date=June 4, 2021 |language=en}}</ref>

In 1985, the company opened its second location, in Beverly Hills, Michigan.<ref>{{Cite web |title=Bye, bye Borders |url=https://www.candgnews.com/news/bye-bye-borders |access-date=2022-05-06 |website=C&G Newspapers |language=en}}</ref>

The downtown Ann Arbor store moved across the street again in 1994 to 612 East Liberty Street, at the southwest corner of Liberty and State Streets, in the building once occupied by the defunct Jacobson's Department Store. Although not the original location, it was identified as "Borders #1" as the flagship store.<ref>{{cite web |url=http://stevendkrause.com/2011/07/24/boarding-up-borders/ |title=Boarding up Borders |last=Krause |first=Steve |website=stevendkrause.com |date=July 24, 2011 |access-date=February 16, 2021}}</ref>

Former Hickory Farms president Robert F. DiRomualdo was hired in 1989 to expand the company.<ref>{{Cite news|url=https://www.wsj.com/articles/SB841699045639200000|title=Two Bookselling Chains Are Stepping Up the War|last=Reilly|first=Patrick M.|date=September 3, 1996|work=The Wall Street Journal|access-date=November 18, 2019|issn=0099-9660}}</ref>

===Kmart and Waldenbooks=== Borders was acquired in 1992 by Kmart, which had also acquired mall-based book chain Waldenbooks eight years earlier.<ref>{{cite news |title=Kmart to acquire Borders books - UPI Archives |url=https://www.upi.com/Archives/1992/10/02/Kmart-to-acquire-Borders-books/1689717998400/ |access-date=9 May 2023 |work=UPI |date=3 October 1992 |language=en}}</ref><ref>{{cite news |title=Kmart completes Borders acquisition - UPI Archives |url=https://www.upi.com/Archives/1992/10/30/Kmart-completes-Borders-acquisition/7084720421200/ |access-date=9 May 2023 |work=UPI |date=30 October 1992 |language=en}}</ref><ref>{{Cite news| url = http://www.cnn.com/2011/US/09/12/first.borders.bookstore.closing/|title=The death and life of a great American bookstore|last= Leopold|first= Todd|publisher= CNN |date = September 12, 2011}}</ref> Kmart had struggled with the book division, having tinkered with assortment and later discounting. In the Borders acquisition, Kmart merged the two companies in hopes that the experienced Borders senior management could bail out floundering Waldenbooks.{{Citation needed|date=March 2009}} Instead, many of the Borders senior management team left the company, leaving behind an even larger and more unwieldy division for Kmart executives to handle on the heels of aggressive expansions by rivals Barnes & Noble and Crown Books. Facing fiscal problems and pressure from stockholders, Kmart spun off Borders in 1995, in a structured stock-purchase plan. The new company was initially called Borders-Walden Group but renamed Borders Group by year end.<ref>{{cite book |last=Pasiuk|first=Laurie |date=2005 |title=Vault Guide to the Top Retail Employers |url=https://books.google.com/books?id=i44Cs517Pd8C&pg=PA40 |publisher= Vault Inc. |page=40 |isbn=9781581313222 |access-date=August 1, 2014 }}</ref>

In 1994, Borders briefly operated All Wound Up, a mall-based toy and novelty store. Most All Wound Up stores were seasonal kiosks in shopping malls.<ref>{{Cite press release |url=http://www.prnewswire.com/news-releases/bordersr-gets-all-wound-up-73888962.html |title=Borders(R) Gets 'All Wound Up' |website=PR Newswire |access-date=February 15, 2021 |archive-url=https://web.archive.org/web/20141013114041/http://www.prnewswire.com/news-releases/bordersr-gets-all-wound-up-73888962.html |archive-date=October 13, 2014}}</ref>

Borders was rumored to open stores in Canada, starting with a {{convert|50000|ft2|m2|adj=mid}} retail store in Toronto. However, this was rejected for failing to meet Canadian ownership regulations for book retailers.<ref>{{Cite news |url=https://ca.news.yahoo.com/blogs/dailybrew/borders-bookstore-goes-bankrupt-trying-become-america-version-20110217-100026-343.html |title=Borders bookstore goes bankrupt after trying to become America's version of Indigo |last=Weisblott |first=Marc |publisher=Yahoo News |date=February 17, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20121227043002/http://ca.news.yahoo.com/blogs/dailybrew/borders-bookstore-goes-bankrupt-trying-become-america-version-20110217-100026-343.html |archive-date=December 27, 2012 }}</ref>

At one point, the highest-grossing location in the U.S. was a remodeled and expanded store in Puerto Rico, generating $17 million in sales annually.<ref name="plaza">{{cite web|url=http://www.adendi.com/archivo.asp?Xnum=1019922&year=2011&mon=7|title=Borders de Plaza era una mina de oro|work=El Nuevo Día|last=Díaz|first=Marian|date=July 20, 2011|access-date=July 5, 2012|archive-url=https://web.archive.org/web/20121120211443/http://www.adendi.com/archivo.asp?Xnum=1019922&year=2011&mon=7|archive-date=November 20, 2012|url-status=dead|language=es}}</ref> Another notably large and successful location in the U.S. was located at 5 World Trade Center in New York City, but the store sustained damage and was closed following the September 11 attacks.[[Image:2008-11-10 Borders in Chapel Hill.jpg|thumb|right|A Borders store in Chapel Hill, North Carolina]]

===Changes in business plan=== In 1998, Philip Pfeffer succeeded Robert DiRomualdo as chief executive.<ref>{{Cite news|url=https://www.wsj.com/articles/SB910883153301011000|title=Borders Group Names Pfeffer CEO; Results Swing to a Loss of $800,000|last=Journal|first=Patrick M. ReillyStaff Reporter of The Wall Street|date=November 13, 1998|work=The Wall Street Journal|access-date=November 18, 2019|issn=0099-9660}}</ref>

In 2003, Borders had 1,249 stores using the Borders and Waldenbooks names.<ref name="Winston">{{cite news |url=http://www2.journalnow.com/business/2011/feb/16/3/winston-salem-borders-store-remain-open-despite-ba-ar-788688/ |archive-url=https://archive.today/20110219200836/http://www2.journalnow.com/business/2011/feb/16/3/winston-salem-borders-store-remain-open-despite-ba-ar-788688/ |url-status=dead |archive-date=February 19, 2011 |title=Winston-Salem Borders store to remain open despite bankruptcy |work=Winston-Salem Journal |agency=Associated Press |date=February 16, 2011 |access-date=February 17, 2011 }}</ref>

In 2004, Borders arranged for Starbucks subsidiary Seattle's Best Coffee to operate cafes in its domestic superstores under the Seattle's Best brand name.<ref>{{Cite web |date=12 August 2004 |title=Seattle's Best Coffee coming to more than 400 Borders stores |url=https://www.bizjournals.com/seattle/stories/2004/08/09/daily28.html |access-date=2025-01-26 |website=Business Journals}}</ref>

In March 2007, Borders Group announced it would halve the Waldenbooks outlets to about 300 over the next year.<ref>{{Cite web |date=2007-03-22 |title=Borders to revamp stores, sell books online |url=https://www.nbcnews.com/id/wbna17742615 |access-date=2025-01-26 |website=NBC News |language=en}}</ref>

thumb|right|Borders headquarters building, Ann Arbor, Michigan In 2008, Borders opened 14 concept stores nationwide, including a Digital Center, offering electronic devices such as MP3 players, digital photo frames, and the Sony Reader. The concept stores were located in Ann Arbor, Michigan; Denver, Colorado; Las Vegas, Nevada; Panama City Beach, Florida; Noblesville, Indiana; Monroeville, Pennsylvania; and Alameda, California. The latest Borders Digital Center opened in Alameda in January 2008.<ref>{{cite web |url=http://bordersmedia.com/godigital/ |title=Go Digital – We'll Show You How |website=Borders Media |access-date=November 20, 2010 |archive-url=https://web.archive.org/web/20110708083628/http://www.bordersmedia.com/godigital/ |archive-date=July 8, 2011 |url-status=usurped }}</ref>

In late 2007, Borders installed digital video monitors in some stores. The monitors displayed special programs, news, sports, and financial information through Ripple Networks, Inc., a California-based marketing service.<ref>{{cite web |title=Ripple's high-definition screens heading for borders: company can fine-tune videos to chain's different locations |url=http://www.thefreelibrary.com/Ripple%27s+high-definition+screens+heading+for+borders:+company+can...-a0172635313 |website=Los Angeles Business Journal |via=The Free Library }}{{Dead link|date=January 2022 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

Borders Group also launched Borders Rewards, a free program including coupons and opportunities to earn store credit, unlike the Barnes & Noble paid membership discounts program.<ref>{{cite web |url=http://www.borders.com/online/store/BRLandingView |title=Borders Books, Music and Movies |publisher=Borders |date=September 27, 2007 |access-date=January 11, 2010 |archive-date=January 9, 2010 |archive-url=https://web.archive.org/web/20100109083341/http://www.borders.com/online/store/BRLandingView |url-status=dead }}</ref><ref>{{cite web |last=Hamm |first=Trent |url=http://www.thesimpledollar.com/2007/01/29/leveraging-the-borders-rewards-program-for-solid-savings-on-entertainment-purchases/ |title=Leveraging The Borders Rewards Program For Solid Savings On Entertainment Purchases |website=The Simple Dollar |date=January 29, 2007 |access-date=January 11, 2010 |archive-date=June 10, 2010 |archive-url=https://web.archive.org/web/20100610063449/http://www.thesimpledollar.com/2007/01/29/leveraging-the-borders-rewards-program-for-solid-savings-on-entertainment-purchases/ |url-status=dead }}</ref><ref>{{cite news|url=http://www.highbeam.com/doc/1G1-142394414.html |archive-url=https://web.archive.org/web/20121026070236/http://www.highbeam.com/doc/1G1-142394414.html |url-status=dead |archive-date=October 26, 2012 |title=Article: Borders launches Borders Rewards in the US.(Brief Article) – M2 Best Books |date=February 22, 2006 |access-date=January 11, 2010}}</ref><ref>{{cite news |url=http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-22-2007/0004649808&EDATE= |title=Borders Rewards Program Surpasses 20 Million Members |location=Michigan |agency=PR Newswire |date=August 21, 2007 |access-date=January 11, 2010 |archive-url=https://web.archive.org/web/20090819114045/http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104 |archive-date=August 19, 2009 |url-status=dead }}</ref> Following the lead of Barnes & Noble, the chain discontinued Wi-Fi fees in September 2009.<ref>{{cite web|last=Murph |first=Darren |url=https://www.engadget.com/2009/09/30/borders-pulls-a-bandn-offers-free-wifi-to-all-patrons/ |title=Borders pulls a B&N, offers free WiFi to all patrons |work=Engadget |date=September 30, 2009 |access-date=January 11, 2010}}</ref>

===Declining profits=== Borders last annual profit was in 2006, with yearly income dropping by $1&nbsp;billion over the next four years.<ref name=Winston/>

In March 2007, the company ended its marketing alliance with Amazon begun six years earlier, and began plans to launch an online business in early 2008.<ref>{{cite news |url=https://www.technewsworld.com/story/56482.html |title=Borders Dumps Amazon, Heads for Web |work=E-Commerce Times |last=Aun |first=Fred J. |date=March 23, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20070524194056/http://www.technewsworld.com/story/56482.html |archive-date=May 24, 2007 }}</ref>

In March 2008, Borders Group announced the intention to sell the chain because of financial difficulties. Borders Books was rumored to have approached Barnes & Noble in hopes of a buyout. The chain was in debt, having increased its financial instability by borrowing US$42.5&nbsp;million in March from Pershing Square Capital Management, the company's major stockholder, to keep the company running through the remainder of the fiscal year. The loan had a very high interest rate of 12.5%, which meant that the chain needed to post a significant profit to stay solvent. Following the announcement of the loan, Borders's shares dropped 28.6% to $5.07/share. The shares continued to drop over the year, on December 11, 2009, Borders stocks traded at $1.30 on the NYSE, which was up almost a point from a low of $0.530 on January 28, 2009.{{citation needed|date=September 2011}}

thumb|right|Borders store interior, San Francisco, California On January 5, 2009, Ron Marshall took over as chief executive.<ref name="nyt">{{cite news |work=The New York Times |url=https://www.nytimes.com/2009/01/06/business/media/06borders.html |title=Executives Replaced at Borders as Sales Fall|date =January 6, 2009 | first=Motoko | last=Rich | access-date=April 26, 2010}}</ref> Former CEO George L. Jones received a severance package of $2.09&nbsp;million.<ref name="nyt"/> Mark Bierley was promoted to chief financial officer, replacing Ed Wilhelm.<ref>{{cite news |url=http://www.chicagotribune.com/business/chi-tue-brf3-borders-tyson-ceo-jan06,0,259005.story |title=Borders Group names Ron Marshall chief executive, Mark Bierley chief financial officer |newspaper=Chicago Tribune |date=January 6, 2009 |access-date=January 11, 2010 |archive-url=https://web.archive.org/web/20090203002756/http://www.chicagotribune.com/business/chi-tue-brf3-borders-tyson-ceo-jan06,0,259005.story |archive-date=February 3, 2009 |url-status=dead }}</ref> The changes in management were due to Borders's holiday sales having fallen by 11.7% to $868.8&nbsp;million.<ref name="nyt"/> On January 13, Mick McGuire, a former partner at Pershing Square, became chairman of the board of directors.<ref>{{Cite web|last=Ittner|first=John|title=Borders Group names Mick McGuire as chairman|url=https://www.marketwatch.com/story/borders-group-names-mick-mcguire-as-chairman|date=2009-01-13|access-date=2021-10-27|website=MarketWatch|language=EN-US}}</ref>

On March 30, 2009, Marshall announced that the loan from Pershing Square would be extended for another year (coming due on April 1, 2010), at an interest rate of 9.8%.<ref>{{Cite news |date=2009-03-30 |title=Borders and Pershing extend loan agreement |url=https://www.reuters.com/article/world/europe/borders-and-pershing-extend-loan-agreement-idUSTRE52T7LZ/ |access-date=2025-07-08 |work=Reuters |language=en-US}}</ref> This, combined with layoffs and new promotional deals with major publishers, caused Borders stock to rise, topping the $1.00 mark within a week. By mid-April, it had approached $2.00. As a result, the company cancelled plans to ask shareholder permission for a reverse stock split.<ref>{{Cite web |title=Borders Group Shelves Reverse Stock Split Plan - Update |url=https://www.rttnews.com/914476/borders-group-shelves-reverse-stock-split-plan-update.aspx |access-date=2025-07-08 |website=RTTNews |language=en-US}}</ref>

On August 11, 2009, Borders revealed the replacements for five of the eight-member board of directors, who had previously announced their intentions to quit. The new members included Paul J. Brown of Hilton Hotels, Timothy V. Wolf of MillerCoors, and Dan Rose of Facebook.<ref>{{cite news |title=New Borders Directors Chosen |url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/11378-new-borders-directors-chosen.html |access-date=21 July 2022 |newspaper=Publishers Weekly |date=2009-08-11}}</ref>

On November 5, 2009, Borders announced that it would close some Waldenbooks stores to improve the profitability of its Specialty Retail operations.<ref>{{cite news |last1=Anderson |first1=Mae |title=Borders to close 200 Waldenbooks stores, cut jobs - USATODAY.com |url=https://www.usatoday.com/money/industries/retail/2009-11-05-borders-closes-200-waldenbooks_N.htm |work=www.usatoday.com |date=5 November 2009 |archive-url=https://web.archive.org/web/20091111151438/https://www.usatoday.com/money/industries/retail/2009-11-05-borders-closes-200-waldenbooks_N.htm |archive-date=2009-11-11 |url-status=dead}}</ref> By January 2010, 182 stores had closed.

Holiday sales figures for 2009 were "disappointing", with total sales of $846.8&nbsp;million, (~${{Format price|{{Inflation|index=US-GDP|value=846800000|start_year=2009}}}} in {{Inflation/year|US-GDP}}) down 14.7% from the previous year.<ref>Corporate News Release, January 18, 2010</ref> Employees reported major cuts were made in payroll hours.{{Citation needed|date=March 2011}}

At the beginning of 2010, the company operated 511 Borders superstores in the United States. The company also operated 175 stores in the Waldenbooks Specialty Retail segment, including Waldenbooks, Borders Express, Borders airport stores, and Borders Outlet stores.

On January 26, 2010, CEO Ron Marshall resigned to become president and CEO of The Great Atlantic & Pacific Tea Co. Following his announcement, Borders stock fell below one dollar per share. During his tenure at Borders, all top executive officers resigned (or were encouraged to leave), including some who had been with the company for over 20 years.<ref>Various corporate news releases throughout 2009</ref> Mike Edwards (vice president and chief merchandising officer) was appointed interim CEO.<ref>Corporate News Release, January 26, 2010</ref>

On March 31, 2010, Borders announced that the Pershing Square loan had been paid in full. In early April, the company's stock rebounded to $2.45 per share.<ref>{{Cite web |last=Cheng |first=Andria |date=2010-04-01 |title=Borders surges after getting new credit line, paying off loan |url=https://www.marketwatch.com/story/borders-surges-after-pershing-payback-2010-04-01 |access-date=2025-07-07 |website=MarketWatch |language=EN-US}}</ref>

On May 21, 2010, it was revealed that Bennett S. LeBow, chairman of Vector Group, was making a large private investment in Borders stock. As a result, both LeBow and Howard Lorber, president and CEO of Vector Group, joined the board of directors. Following chairman Mick McGuire's resignation, LeBow was elected chairman of the board.<ref>Borders press release, May 21, 2010</ref> On June 3, LeBow became CEO of Borders Group. Mike Edwards became president of Borders Group and CEO of Borders, Inc., the company's principal subsidiary.<ref>Borders press release, June 3, 2010</ref>

The company reported significant losses for the third quarter, compared to 2009. At the end of 2010, ''Business Week'' and BBC News reported that Borders would be delaying its payments to publishers for inventory already received, to preserve liquidity.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-12097769 |title=Borders shares dive on cash flow concerns |work=BBC News |date=December 31, 2010 |access-date=April 18, 2011}}</ref> This was prompted by problems in refinancing its credit facilities.

===Bankruptcy and liquidation=== [[File:Borders store closing Pittsfield Township Michigan.JPG|thumb|left|Borders store closing, Pittsfield Township, Michigan]]

On February 16, 2011, the company announced that it had filed for Chapter 11 bankruptcy protection, listing $1.275&nbsp;billion in assets and $1.293&nbsp;billion in debts in its filing.<ref>{{cite web|title=Borders Group Chapter 11 Petition|url=https://www.pacermonitor.com/view/NSNXPWY/Borders_Group__nysbke-11-10614__0001.0.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.pacermonitor.com/view/NSNXPWY/Borders_Group__nysbke-11-10614__0001.0.pdf |archive-date=2022-10-09 |url-status=live|website=PacerMonitor|access-date=May 9, 2016}}</ref><ref>{{cite web |url=http://www.annarbor.com/business-review/borders-bankruptcy-ann-arbor-books/ |title=Ann Arbor bookstore chain files for Chapter 11 bankruptcy |last=Bomey |first=Nathan |date=February 16, 2011 |website=The Ann Arbor News |access-date=February 16, 2021}}</ref> The company also announced the liquidation and closing of 226 stores.<ref>[http://media.bordersstores.com/pdf/Borders_Reorg_Closure_Listupdated3-17.pdf Chapter 11 Store Closure List] {{Webarchive|url=https://web.archive.org/web/20110429153345/http://media.bordersstores.com/pdf/Borders_Reorg_Closure_Listupdated3-17.pdf |date=April 29, 2011 }}, ''Borders.com''</ref> Two private-equity firms, The Gores Group and Najafi Companies, expressed interest in purchasing half of the remaining Borders Group stores.<ref>{{cite news |url=http://www.reuters.com/article/borders-idUSL3E7H73K820110607 |title=Najafi Cos in discussions to buy Borders -report |newspaper=Reuters |date=June 7, 2011 |access-date=2021-02-15 |archive-url=https://web.archive.org/web/20150924153413/http://www.reuters.com/article/2011/06/07/borders-idUSL3E7H73K820110607 |archive-date=September 24, 2015 |df=mdy-all}}</ref>

Despite a purchase offer from the private equity firm Najafi Companies, Borders could not find a buyer acceptable to its creditors before its July bidding deadline, so it began liquidating its remaining 399 retail outlets, with the last remaining stores closing in September.<ref>{{cite web |title=Log in or Sign Up to View |url=http://www.facebook.com/Borders?sk=app_205521576149308 |website=facebook.com}}</ref>{{Primary source inline|date=April 2020}} Rival bookseller Barnes & Noble acquired Borders's trademarks and customer list.

Borders Group announced on July 1, 2011, that Direct Brands would acquire the assets for $215&nbsp;million and assume of $220&nbsp;million in debt.<ref>{{cite web |url=https://www.theatlantic.com/business/archive/2011/07/bankrupt-borders-finds-buyer-plans-sell-215-million/352388/ |title=Bankrupt Borders Finds a Buyer, Plans to Sell For $215 Million |last=Hayden |first=Erik |date=July 1, 2011 |website=The Atlantic |access-date=February 16, 2021}}</ref><ref>{{cite web |last=de la Merced |first=Michael J. |title=Borders Picks Najafi Companies as Lead Bidder |url=https://archive.nytimes.com/dealbook.nytimes.com/2011/06/30/borders-picks-najafi-companies-as-lead-bidder/ |website=The New York Times |date=June 30, 2011}}</ref><ref>{{cite web |last=Guest |first=Greta |title=Direct Brands bids $450M for Borders's assets |url=http://www.freep.com/article/20110702/BUSINESS06/107020362/Direct-Brands-bids-450M-Borders-assets |website=Detroit Free Press |archive-url=https://web.archive.org/web/20110705114423/http://www.freep.com/article/20110702/BUSINESS06/107020362/Direct-Brands-bids-450M-Borders-assets |archive-date=July 5, 2011 |date=July 2, 2011}}</ref><ref>{{cite web |date=July 5, 2011 |title=Report: Direct Brands to buy bankrupt Borders |url=https://www.bizjournals.com/wichita/news/2011/07/05/report-direct-brands-to-buy-bankrupt.html |url-status=live |archive-url=https://web.archive.org/web/20110709183502/https://www.bizjournals.com/wichita/news/2011/07/05/report-direct-brands-to-buy-bankrupt.html |archive-date=9 July 2011 |website=Wichita Business Journal}}</ref>

[[File:Empty shelves inside Borders.jpg|alt=In the background are a number of empty shelves that are roped off. Signs hanging from the ceiling read "Entire store 80-90% off! STORE CLOSING". In the foreground, a person carrying a handbag is browsing the last few remaining books.|thumb|right|Empty shelves inside the Second Avenue (Manhattan) Borders store in New York City]] A group of Borders creditors rejected the Direct Brands takeover bid in July 2011.<ref>{{cite web |last=de la Merced |first=Michael J. |title=Borders Faces Liquidation After Takeover Bid's Rejection |url=https://archive.nytimes.com/dealbook.nytimes.com/2011/07/13/borders-faces-liquidation-after-takeover-bids-rejectionthe-borders-group-was-dealt-a-potentially-lethal-blow-on-wednesday-when-a-committee-of-its-unsecured-creditors-rejected-a-proposed-takeover-by/?ref=business |website=The New York Times |date=July 13, 2011}}</ref> Borders filed for an auction and the motion was approved;<ref>{{cite web |title=Judge approves Borders auction |agency=Associated Press|url=https://archive.boston.com/business/articles/2011/07/15/judge_okays_borders_auction_liquidators_open_bid/ |website=Boston.com |date=July 15, 2011}}</ref> however, the bid deadline expired on July 17 without a bidder.<ref>{{cite web |url=https://www.ibtimes.com/borders-closer-liquidation-deadline-passes-without-bidder-299703 |title=Borders Closer to Liquidation; Deadline Passes Without Bidder |last=Magee |first=David |work=International Business Times |date=July 18, 2011 |access-date=February 16, 2021 |df=mdy-all}}</ref> A United States bankruptcy judge approved a petition to liquidate;<ref>{{cite web |title=Judges approves Borders' liquidation |url=http://www.detnews.com/article/20110721/BIZ/107210436/1361/Judge-approves-Borders'-liquidation |website=Detroit News |date=July 21, 2011}}{{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web |title=Borders seeks approval to liquidate |url=http://www.huffingtonpost.com/huff-wires/2011/07/18/us-borders-bankruptcy |website=HuffPost |date=July 18, 2011}}{{dead link|date=February 2021}}</ref> resulting in the company converting their Chapter 11 case to Chapter 7.<ref>{{cite news |last=Ovide |first=Shira |date=July 18, 2011 |title=Bookstore Chain Borders Is Dead |url=https://blogs.wsj.com/deals/2011/07/18/its-almost-official-borders-is-dead |access-date=July 28, 2011 |newspaper=The Wall Street Journal}}</ref> On July 22, 2011, Borders started closing its remaining 399 stores with a phased roll-out.<ref>{{cite web |last=Reidy |first=Chris |title=Borders going-out-of-business sale starts tomorrow |url=http://www.boston.com/Boston/businessupdates/2011/07/borders-going-out-business-sale-starts-tomorrow/RRTvEppinKMdm7u8q9GZ9H/index.html |website=Boston.com |archive-url=https://web.archive.org/web/20110724024110/http://www.boston.com/Boston/businessupdates/2011/07/borders-going-out-business-sale-starts-tomorrow/RRTvEppinKMdm7u8q9GZ9H/index.html |archive-date=July 24, 2011 |date=July 21, 2011}}</ref><ref>{{cite web |url=https://www.wsj.com/articles/BL-DLB-34098 |title=It's Official: Borders Is Going Out of Business |last=Ovide |first=Shira |publisher=The Wall Street Journal |date=July 21, 2011 |access-date=February 16, 2021}}</ref> Business operations ceased in September 2011.<ref>{{cite news |title=Borders seeks bankruptcy court approval to liquidate, shutter all 399 stores |url=http://www.washingtonpost.com/business/total-liquidation-of-borders-group-seems-likely-as-auction-looms-fate-to-be-decided-this-week/2011/07/18/gIQAB840LI_story.html |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20110719142349/http://www.washingtonpost.com/business/total-liquidation-of-borders-group-seems-likely-as-auction-looms-fate-to-be-decided-this-week/2011/07/18/gIQAB840LI_story.html |archive-date=July 19, 2011 |date=July 18, 2011}}</ref> Former rival and the current second-largest chain of bookstores in the United States, Books-A-Million, bid to acquire 30 to 35 stores and their assets on July 19, 2011, the day liquidation was approved by the courts. However, the two sides were unable to come to an agreement.<ref>{{cite web |url=https://gigaom.com/2011/07/21/419-books-a-million-seeks-westward-expansion-with-purchase-of-35-borders-st/ |title=Books-A-Million Seeks Westward Expansion With Purchase Of 35 Borders Stores |last=Owen |first=Laura |date=July 21, 2011 |website=GigaOm |access-date=February 16, 2021 |archive-date=February 25, 2021 |archive-url=https://web.archive.org/web/20210225095832/https://gigaom.com/2011/07/21/419-books-a-million-seeks-westward-expansion-with-purchase-of-35-borders-st/ |url-status=dead }}</ref><ref>{{cite web |title=Borders Asks Permission To Sell Stores To Rival |url=http://www.clickondetroit.com/money/28625238/detail.html |website=Click on Detroit |date=July 21, 2011}}{{dead link|date=July 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web |title=Books-A-Million (BAMM) Submits Bid to Acquire Interests in 30 Borders Locations |url=https://www.streetinsider.com/Corporate+News/Books-A-Million+(BAMM)+Submits+Bid+to+Acquire+Interests+in+30+Borders+Locations/6652984.html |website=StreetInsider.com |date=July 21, 2011}}</ref><ref>{{cite web |last=Bomey |first=Nathan |title=Borders, Books-A-Million fail to reach deal to save 30 stores |url=http://www.annarbor.com/business-review/talks-between-books-a-million-borders-to-save-30-stores-collapse |website=AnnArbor.com |archive-url=https://web.archive.org/web/20120321214815/http://www.annarbor.com/business-review/talks-between-books-a-million-borders-to-save-30-stores-collapse/ |archive-date=March 21, 2012 |date=July 26, 2011}}</ref><ref>{{cite web |last=Hazard Owen |first=Laura |title=Borders Is Really Done, As Books-A-Million Deal Falls Apart |url=http://paidcontent.org/article/419-borders-is-really-done-as-books-a-million-deal-falls-apart |website=PaidContent.org |archive-url=https://web.archive.org/web/20110930132422/http://paidcontent.org/article/419-borders-is-really-done-as-books-a-million-deal-falls-apart/ |archive-date=September 30, 2011 |date=July 26, 2011}}</ref><ref>{{cite news |title=Books-A-Million says talks to buy 30 Borders store leases, assets unsuccessful |url=https://www.washingtonpost.com/business/books-a-million-says-talks-to-buy-30-borders-store-leases-assets-unsuccessful/2011/07/26/gIQAwL2UaI_story.html |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20181211140005/https://www.washingtonpost.com/business/books-a-million-says-talks-to-buy-30-borders-store-leases-assets-unsuccessful/2011/07/26/gIQAwL2UaI_story.html |archive-date=December 11, 2018 |date=July 26, 2011}}</ref><ref>{{cite web |last=Eckert |first=Barton |title=Books-A-Million drops bid to buy Borders stores |url=https://www.bizjournals.com/baltimore/news/2011/07/26/books-a-million-drops-bid-to-buy.html |website=Baltimore Business Journal |date=July 26, 2011}}</ref>

Books-A-Million again offered to buy portions of Borders Group, purchasing the leases for 21 stores primarily in New England and Pennsylvania.<ref>{{cite web |title=Books-A-Million resurrects offer to buy Borders store |url=http://www.thesuburbanite.com/communites/jackson/x678156195/Books-A-Million-resurrects-offer-to-buy-Borders-store |website=The Suburbanite |date=August 25, 2011}}{{dead link|date=July 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web |last=Swant |first=Martin |title=Books-A-Million targets 14 Borders locations in Bankruptcy Court deal |url=https://www.al.com/businessnews/2011/08/books-a-million_targets_14_bor.html |website=AL.com |date=August 25, 2011}}</ref><ref>{{cite web |title=Books-A-Million wants to buy leases of 14 Borders stores |url=http://www.detnews.com/article/20110825/BIZ/108250491/1361/Books-A-Million-wants-to-buy-leases-of-14-Borders-stores |website=Detroit News |date=August 25, 2011}}{{Dead link|date=January 2023}}</ref> Borders USA closed its remaining stores on Sunday, September 18, 2011.

thumb|right|Office equipment 'For Sale' sign at Borders corporate headquarters, 100 Phoenix Drive, Ann Arbor, Michigan The Borders online store closed on September 27, 2011, at 10:30&nbsp;pm Eastern.<ref>{{Cite web |title=Borders - Buy Books, Used Books, Music, DVDs & Blu-ray Online |url=http://www.borders.com/online/store/Home |archive-url=https://web.archive.org/web/20110927164115/http://www.borders.com/online/store/Home |archive-date=2011-09-27 |access-date=2025-07-08 |website=www.borders.com |language=en}}</ref> A banner then appeared on their website allowing users to browse, but directed to Barnes & Noble to complete their purchases. All Borders customers had until October 29, 2011, to opt out of their personal contact and purchase information being transferred to Barnes & Noble.<ref>{{cite magazine |last=Lee |first=Stephan |title=Barnes & Noble CEO on Borders' demise and the future of Borders customers |url=https://ew.com/article/2011/10/01/barnes-and-noble-borders-customer-list/ |magazine=Entertainment Weekly |access-date=January 3, 2023 |date=October 1, 2011}}</ref> On October 1, 2011, Borders cardholders were informed by email: "As part of Borders ceasing operations, we Barnes & Noble acquired some of its assets including Borders brand trademarks and their customer list." The federal bankruptcy court approved this sale on September 26, 2011.{{citation needed|date=March 2012}}

== International operations == {{More citations needed section|date=September 2025}} [[File:Borders The Curve (211029).jpg|thumb|One of the Borders stores in Petaling Jaya, Malaysia]]

=== Malaysia === In April 2005, Borders Group opened its first franchise store with Malaysia's Berjaya Books Sdn. Bhd. in Kuala Lumpur, located in Berjaya Times Square. The store was advertised as the world's largest Borders at {{Convert|60000|ft2}}; the store lost this status when one level of the store closed.{{Citation needed|date=September 2025}} Borders's second store in Malaysia was located in The Curve, Mutiara Damansara. On 7 December 2006, the third opened in Queensbay Mall, Penang, and closed on 26 December 2019.<ref>{{cite web |title=Breaking: BORDERS Queensbay Mall Penang Has Closed Down After 13 Years Of Operation |url=https://penangfoodie.com/borders-queensbay-mall-penang-closes-down/ |work=Penang Foodie|date=December 27, 2019 }}</ref>{{citation needed|date=September 2025}}

=== Middle East === Borders opened a franchise store in the Mall of the Emirates in Dubai, United Arab Emirates (UAE) in October 2006.<ref>{{cite web |title=Borders Store in Mall of the Emirates |url=http://www.malloftheemirates.com/shopping/booksstationerytoysgamesgifts/borders |work=MAF}}</ref> Despite financial difficulties in the domestic market, Borders continued to expand its franchises, adding stores in Oman and Sharjah.<ref>{{Cite web |title=Borders opens shop at Mall of Emirates |url=https://www.khaleejtimes.com/business/borders-opens-shop-at-mall-of-emirates |access-date=2025-07-09 |website=Khaleej Times |language=en}}</ref> By the end of 2009, all of the non-franchise overseas locations were sold or closed, leaving only the franchise stores in Dubai and Oman.{{citation needed|date=September 2011}}

Al Maya Group purchased lifetime rights to the Borders brand in the Middle East in 2015, and diversified to books, toys, and stationery.<ref name="dubai" /> As of 2025, Borders stores still operate in Middle Eastern countries including the United Arab Emirates, Oman, Qatar and Kuwait. These stores are under different ownership and were unaffected by the closures of other stores under the Borders brand.

=== Singapore, Australia, and New Zealand === [[File:Borders Singapore.jpg|thumb|The former flagship in Wheelock Place, now closed]] ====1997 to 2007==== In 1997, the company established its first international store in Singapore, occupying {{convert|32000|ft2|-2}} in Wheelock Place, Orchard Road. In the third quarter of 2006, the Wheelock Place store reported the highest revenue generated per square meter among the group's 559 outlets.<ref name="sgsales">''"S'pore store is Borders' No. 1"'', The Straits Times (Life!), November 15, 2006, p. 10</ref>

====2008 to 2011==== In 2008, to pay off debt, Borders sold its Australian, New Zealand, and Singaporean stores to Pacific Equity Partners (owner of competitor Angus & Robertson), forming REDgroup Retail.<ref>{{Cite news |last=Thomson |first=James |date=February 18, 2011 |title=10 lessons from the collapse of Borders and Angus & Robertson |url=http://www.smartcompany.com.au/growth/economy/18709-20110218-10-lessons-from-the-collapse-of-borders-and-angus-robertson.html |url-status=dead |archive-url=https://web.archive.org/web/20150904092624/http://www.smartcompany.com.au/growth/economy/18709-20110218-10-lessons-from-the-collapse-of-borders-and-angus-robertson.html |archive-date=September 4, 2015 |access-date=August 2, 2014 |publisher=SmartCompany |df=mdy-all}}</ref> After this transaction, the Borders stores in the US, UK, and Asia/Pacific regions were owned by independent entities.

The stores continued to operate under the Borders brand as the unaffiliated "Borders Asia Pacific" until REDGroup was placed into voluntary administration in February 2011, with Ferrier Hodgson appointed as administrators.<ref>{{cite news |last=Greenblat |first=Eli |date=17 February 2011 |title=Borders, Angus & Robertson go bust |url=http://www.theage.com.au/business/borders-angus--robertson-go-bust-20110217-1axt9.html |accessdate=17 February 2011 |newspaper=The Age}}</ref> The day after the announcement, customers of the remaining stores were informed that gift vouchers could only be redeemed if they also spent an equivalent amount in cash. As of 3 April 2011, unused vouchers became void.<ref name="ZapponeSMH" /> The five New Zealand stores were sold to the James Pascoe Group. The Australian stores gradually shut down, with the final group closing in July 2011.<ref name="ZapponeStuffNZ">{{cite news |last=Zappone |first=Chris |date=April 7, 2011 |title=Borders Australia closures sees 500 jobs lost |url=http://www.stuff.co.nz/business/world/4857845/Borders-Australia-closures-sees-500-jobs-lost |access-date=October 24, 2020 |work=Stuff (company)}}</ref><ref name="ZapponeSMH">{{cite news |last=Zappone |first=Chris |date=June 2, 2011 |title=The end: Borders to close remaining stores |url=https://www.smh.com.au/business/the-end-borders-to-close-remaining-stores-20110602-1fhlq.html |access-date=October 24, 2020 |newspaper=The Sydney Morning Herald}}</ref><ref>{{cite news |date=June 2, 2011 |title=The end: Borders last Australian stores to close by end of July |url=https://www.news.com.au/finance/borders-last-australian-stores-to-close-by-end-of-july/news-story/0a9ac7662173884de801ccf8e2a6003b?sv=5ae736efdff06d23c20f97be3503d9db |access-date=February 16, 2021 |newspaper=news.com.au}}</ref>

The flagship Borders store at Wheelock Place in Singapore suddenly closed on 16 August 2011, and was forced to empty the location by 23 August 2011.<ref>{{cite news |url=http://www.channelnewsasia.com/stories/singaporelocalnews/view/1147976/1/.html |title=Borders closes flagship store at Wheelock Place |last=Channel News Asia |date=19 August 2011 |work=CNA |accessdate=19 August 2011 |archive-date=6 October 2011 |archive-url=https://web.archive.org/web/20111006185748/http://www.channelnewsasia.com/stories/singaporelocalnews/view/1147976/1/.html |url-status=dead}}</ref> Vouchers and gift cards were no longer accepted by Wheelock Place Borders or the outlet at Parkway Parade.<ref>{{cite news |url=http://www.channelnewsasia.com/stories/singaporelocalnews/view/1148133/1/.html |title=Borders bookstore vouchers no longer valid |last=Channel News Asia |date=20 August 2011 |work=CNA |accessdate=20 August 2011 |archive-date=23 October 2012 |archive-url=https://web.archive.org/web/20121023120814/http://www.channelnewsasia.com/stories/singaporelocalnews/view/1148133/1/.html |url-status=dead}}</ref> All remaining stock was sold at Singapore Expo Hall 4B, from 2 September 2011 to 6 September 2011.<ref>{{cite news |url=http://www.channelnewsasia.com/stories/singaporelocalnews/view/1150205/1/.html |title=Borders kicks off massive clearance sale on Friday |last=Channel News Asia |date=31 August 2011 |work=CNA |accessdate=31 August 2011 |archive-date=23 October 2012 |archive-url=https://web.archive.org/web/20121023120742/http://www.channelnewsasia.com/stories/singaporelocalnews/view/1150205/1/.html |url-status=dead }}</ref> The remaining Singaporean store at Parkway Parade closed on 26 September 2011 at 9 p.m., ending 14 years of sales in Singapore. All remaining stock was marked with a 70% discount three days before its closure. In the final hours of operation, shelves, signs, baskets, and computers at the cashiers' counters were also available for sale.<ref>{{cite news|url=http://news.asiaone.com/News/AsiaOne%2BNews/Singapore/Story/A1Story20110926-301642.html|title=Borders closes last outlet in Singapore|last=Asia One|date=26 September 2011|work=AsiaOne|accessdate=26 September 2011|archive-url=https://web.archive.org/web/20110927145226/http://news.asiaone.com/News/AsiaOne%2BNews/Singapore/Story/A1Story20110926-301642.html|archive-date=27 September 2011|url-status=dead}}</ref><ref name="singaporeclosure">{{Cite web |date=September 23, 2011 |title=Parkway Parade's Borders to close on 26 September |url=https://sg.news.yahoo.com/parkway-parade-s-borders-to-close-on-26-september.html |access-date=2025-09-26 |website=Yahoo Newsroom via Yahoo News |language=en-SG}}</ref>

[[File:Old Borders signage Lygon Court.jpg|thumb|right|The remaining Borders signage at the back of Lygon Court, Carlton in Melbourne. This picture was taken during renovations in October 2012, preparing for Brunetti Café, to relocate into the space. Borders Lygon Court operated from 2002 until 2011.<ref>{{cite web | url=http://www.lygoncourt.com.au/history-contacts.aspx| title=Lygon Court History & Contacts| publisher=Lygon Court Online | accessdate=14 January 2013 }}</ref>]]

The handling of the administration prompted 25 franchised Angus & Robertson stores to sever ties with REDGroup, rebranding themselves as independents.<ref name="ZapponeStuffNZ" /> By the end of May, 70 of the 87 REDGroup-owned bookstores in New Zealand had been sold off: 10 airport-based Whitcoulls stores to Australian-based LS Travel Retail Pacific and another 57 Whitcoulls plus five Borders stores to the James Pascoe Group.<ref name="ZapponeStuffNZ" /><ref name="ZapponeSMH" /> In total, Borders had 33 stores located across Australia, New Zealand, and Singapore,{{citation needed|date=September 2025}} all of which were closed or sold due to REDgroup Retail going into administration in 2011.<ref>{{cite web|url=http://borders.com.sg/find-a-store/ |title=Find a Store &#124; Borders Singapore |date=2011-02-16 |accessdate=2015-11-30 |url-status=dead |archiveurl=https://web.archive.org/web/20110216092150/http://borders.com.sg/find-a-store/ |archivedate=16 February 2011 }}</ref><ref>{{Cite web|url=https://zaly.vn/giay-luoi-nam|title = Giày lười nam đẹp &#91;+100 mẫu&#93; cao cấp TPHCM Hot nhất - Zaly.vn| date=May 24, 2024 }}</ref>

====2012 to Present==== In late July 2012, Pearson Australia Group re-branded the Borders website as Bookworld. Chief Executive James Webber told ''The Australian'', "The Borders brand had lost its former sheen. We just believe the Borders brand has had its day. There are no stores left and globally it's been in demise so we believe there's an opportunity to revitalise (the franchise) and move it forward."{{sic}}<ref>[https://archive.today/20130219171137/http://smarthouse.com.au/Content_And_Downloads/Industry/Q7L2W3U7 Bye-Bye, Borders; Hello Bookworld] Retrieved 21 January 2013</ref> The Bookworld brand was itself also later rebranded as Angus & Robertson.<ref>{{cite web|last=Colley|first=Andrew|title=Borders bookstores gone in rebrand exercise|work=TheAustralian |url=http://www.theaustralian.com.au/australian-it/it-business/borders-bookstores-gone-in-rebrand-exercise/story-e6frganx-1226438888350|publisher=The Australian|accessdate=25 August 2012}}</ref>

The Borders brand in Singapore was purchased by Popular Holdings in late 2012. In an attempt to revive the brand, a single Borders store opened in Westgate, Singapore, for a trial period in 2013 but was converted to a Popular bookstore shortly after.

=== United Kingdom and Ireland === ====1997 to 2006==== In the United Kingdom, Borders bought Books Etc. Philip and Richard Joseph in 1997.<ref name="philipjoseph">{{cite web | title = Book chain founder Philip Joseph dies | url = https://www.thebookseller.com/news/news/book-chain-founder-philip-joseph-dies-315207 | date = 2025-09-26 | archiveurl= https://archive.today/20250926161433/https://www.thebookseller.com/news/news/book-chain-founder-philip-joseph-dies-315207 | archivedate = 2025-09-26 }}</ref> In 1998, Borders (UK) Ltd. was established as a Borders Group subsidiary holding both Borders and Books Etc. stores in the UK and Ireland.

[[File:Borders_Leeds_Crop_Etc.jpg|right|thumb|236x236px|Borders on Briggate in Leeds, West Yorkshire]]

The chain won numerous awards, including Chain Bookselling Company of the Year 2006 & 2007,<ref name="BBIA">{{cite web |title=BBIA Previous Winners |url=http://www.britishbookawards.co.uk/pnbbia_previouswinners_001.asp? |url-status=dead |archiveurl=https://web.archive.org/web/20080518002741/http://www.britishbookawards.co.uk/pnbbia_previouswinners_001.asp |archivedate=18 May 2008 |accessdate=2 November 2008 |df=dmy-all}}</ref> Hachette Children's Retailer of the Year 2007,<ref>{{cite web |last=Neill |first=Graeme |date=21 September 2007 |title=Blackwell takes awards crown |url=http://thebookseller.com/news/45436-blackwell-takes-awards-crown.html |url-status=dead |archiveurl=https://web.archive.org/web/20080607061101/http://www.thebookseller.com/news/45436-blackwell-takes-awards-crown.html |archivedate=7 June 2008 |accessdate=13 October 2008 |publisher=The Bookseller |df=dmy-all}}</ref> Magazine Destination Retailer of the Year 2007, and Usborne Children's Bookseller of the Year 2008.<ref>{{cite web |last=Neill |first=Graeme |date=19 September 2008 |title=Waterstones picks up awards honours |url=http://thebookseller.com/news/67359-waterstones-picks-up-awards-honours.html |url-status=dead |archiveurl=https://web.archive.org/web/20080922002716/http://www.thebookseller.com/news/67359-waterstones-picks-up-awards-honours.html |archivedate=22 September 2008 |accessdate=13 October 2008 |publisher=The Bookseller |df=dmy-all}}</ref> A typical Borders shop in the UK contained both a Paperchase stationery shop and a Starbucks café.<ref name="Aboutus">{{cite web |title=Borders UK about us |url=http://www.bordersstores.co.uk/about_us/ |url-status=dead |archiveurl=https://web.archive.org/web/20081216020520/http://www.bordersstores.co.uk/about_us/ |archivedate=16 December 2008 |accessdate=13 October 2008 |df=dmy-all}}</ref>

====2007 and 2008==== In early 2007, Borders Group Inc. sold 41 Borders and 28 Books Etc. stores in the British Isles to Risk Capital Partners. Borders Group Inc. received {{Currency| 10 million| code= GBP| passthrough= yes}} initially as well as retaining a one-sixth stake in the business. The remaining {{Currency| 10M| code= GBP| passthrough= yes}} stated in the agreement would be paid out depending on how well the business performed in the future.<ref name= "wsj">{{Cite news |last=Kingsbury |first=Kevin |date=2007-09-22 |title=Borders to Sell Stores In U.K., Ireland |url=https://www.wsj.com/articles/SB119038010841335195 |access-date=2025-07-09 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref> Bookshop Acquisitions Ltd. - a subsidiary of Risk Capital Partners - was established to manage the Borders and Books Etc. brands.<ref>{{cite web |title=Borders Group announces sale of Borders UK |url=http://www.webwire.com/ViewPressRel.asp?aId=48520 |accessdate=22 December 2009 |publisher=WebWire.com}}</ref>

It was announced that Borders Group would retain the Paperchase stationery business and international expansion would continue via franchising.<ref>{{cite web |title=Barnes & Noble Welcomes Borders Bookstore Customers |url=http://www.bgimediacenter.com/cgi-bin/browse.pl?action=news&path=1&item=765 |url-status=dead |archive-url=https://web.archive.org/web/20070720223823/http://www.bgimediacenter.com/cgi-bin/browse.pl?action=news&path=1&item=765 |archive-date=July 20, 2007 |access-date=August 23, 2007 |website=Barnes & Noble}}</ref> In the Wall Street Journal, Borders Chief Executive George Jones was quoted stating that the sale of the British Isles stores "allows us to focus investment and resources on our core business, which is the U.S. superstore segment, and gives the U.K. and Ireland business the opportunity to succeed with the focus and investment Risk Capital Partners will bring."<ref name= "wsj" />

[[File:Borders_Bookshop_Southampton_Contrast_Adjusted.jpg|right|thumb|236x236px|Borders in Southampton]]

David Roche resigned as Chief Executive Officer (CEO) of Borders (UK) in January 2008, with the former managing director, Philip Downer, taking the role. Downer called for a category review of the entire company, though he made clear there were no immediate plans to further restructure the business.<ref>{{cite web |last=Neill |first=Graeme |date=31 January 2008 |title=Downer plans Borders review |url=http://www.thebookseller.com/news/52407-downer-plans-borders-review.html |url-status=dead |archiveurl=https://web.archive.org/web/20081204194931/http://www.thebookseller.com/news/52407-downer-plans-borders-review.html |archivedate=4 December 2008 |accessdate=12 November 2008 |publisher=The Bookseller |df=dmy-all}}</ref>

In March 2008, Borders (UK) announced that it would close its distribution centre (based in Cornwall) on 29 August in favour of having publishers and wholesalers deliver directly to shops. This was opposite to the decision of competitor Waterstones, which planned to test and open its own distribution centre, colloquially referred to as 'The Hub,' at the end of May.<ref>{{cite web |last=Neill |first=Graeme |date=7 March 2008 |title=Borders closes distribution centre |url=http://www.thebookseller.co.uk/news/54511-borders-closes-distribution-centre.html?p=6&a=54511 |accessdate=12 November 2008 |publisher=The Bookseller}} {{dead link|date=October 2011}}</ref>

Borders sold eight London Books Etc. shops to Waterstones in August 2008 for an undisclosed sum.<ref>{{cite web |last=Neill |first=Graeme |date=18 August 2008 |title=Waterstones takes on eight Books Etc shops |url=http://www.thebookseller.com/news/65124-waterstones-takes-on-eight-books-etc-shops.html |url-status=dead |archiveurl=https://web.archive.org/web/20080915040302/http://www.thebookseller.com/news/65124-waterstones-takes-on-eight-books-etc-shops.html |archivedate=15 September 2008 |accessdate=13 October 2008 |publisher=The Bookseller |df=dmy-all}}</ref>

====2009==== Five Borders shops (Oxford Street, Llantrisant, Blanchardstown, Swindon, and London Colney) were closed in July 2009, replaced by New Look.{{citation needed|date= September 2025}} In July 2009, Valco Capital Partners purchased the Borders and Books Etc. brands in the UK and Ireland. At the end of September 2009, it was announced that most remaining Books Etc. and the two Borders Express shops would be sold,<ref>{{cite news |last=Thompson |first=James |date=29 September 2009 |title=Borders UK to close struggling Books Etc stores |url=https://www.independent.co.uk/news/business/news/borders-uk-to-close-struggling-books-etc-stores-1794775.html |accessdate=20 October 2009 |work=The Independent |location=London}}</ref> and closing sales began shortly after.<ref>{{cite web |date=18 October 2009 |title=Closing down sale begins at Books Etc |url=http://www.thebookseller.com/news/100367-page.html |url-status=dead |archiveurl=https://web.archive.org/web/20120229133935/http://www.thebookseller.com/news/100367-page.html |archivedate=29 February 2012 |accessdate=20 October 2009 |publisher=The Bookseller |df=dmy-all}}</ref>

In November 2009, the company began searching for a buyer following liquidity concerns.<ref>{{cite news |date=23 November 2009 |title=Borders' UK bookstores look for buyer |url=http://news.bbc.co.uk/1/hi/business/8373806.stm |accessdate=22 December 2009 |publisher=BBC News}}</ref> Borders website stopped taking orders for books, while orders for CDs and DVDs through the Borders Entertainment website continued, as it was run by The Hut Group.<ref>{{cite news |date=24 November 2009 |title=Borders' website suspends book sales |url=http://news.bbc.co.uk/1/hi/business/8376394.stm |accessdate=22 December 2009 |publisher=BBC News}}</ref>

On 26 November 2009, Reuters announced that Borders (UK) entered administration after difficulties raising enough cash to trade through the Christmas season. This article was soon withdrawn and replaced with a corrected item reporting the company was 'mulling' administration.<ref>{{cite news |last=Davey |first=James |date=26 November 2009 |title=CORRECTED - UK bookseller Borders mulling administration |url=https://www.reuters.com/article/bankruptcyNews/idUSGEE5AP04Q20091126 |publisher=Reuters}}</ref> The Guardian reported that this news came after several of Borders's suppliers stopped or reduced the firm's credit limits. Days earlier, negotiations to sell some UK-based stores to WH Smith broke down.<ref>{{cite web |date=25 November 2009 |title=Publishers working on lifeline for Borders UK |url=http://www.thebookseller.com/news/104219-publishers-working-on-lifeline-for-borders-uk.html |url-status=dead |archiveurl=https://web.archive.org/web/20091127085529/http://www.thebookseller.com/news/104219-publishers-working-on-lifeline-for-borders-uk.html |archivedate=27 November 2009 |publisher=Bookseller.com |df=dmy-all}}</ref>

Later that day, Borders (UK) Ltd. officially went into administration. Initially the intention was to appoint BDO as administrators, but a conflict of interest was discovered.<ref>{{cite news |last=Wearden |first=Graeme |date=26 December 2009 |title=Borders future in chaos as administrators pull out |url=https://www.theguardian.com/business/2009/nov/26/borders-books-set-administration |accessdate=26 April 2010 |work=The Guardian |location=London}}</ref> MCR was appointed by Valco to act as administrators.<ref>{{cite news |date=29 November 2009 |title=Borders starts closing down sales |url=http://news.bbc.co.uk/1/hi/8385117.stm |publisher=BBC News}}</ref> A 'parallel strategy' was applied in which MCR stated that they were seeking a buyer for the chain while simultaneously running closing sales.<ref>{{cite web |date=26 December 2009 |title=Borders Bookstores closing down for good |url=http://www.london-insider.co.uk/2009/11/borders-bookstores-closing-down-for-good-faq/ |url-status=dead |archive-url=https://web.archive.org/web/20091213220124/http://www.london-insider.co.uk/2009/11/borders-bookstores-closing-down-for-good-faq/ |archive-date=13 December 2009 |access-date=26 November 2009 |publisher=The London Insider |df=dmy-all}}</ref>

On 27 November 2009, it was announced that a closing sale would begin in all stores the following day.<ref>{{cite web |date=14 December 2009 |title=Administrator uses Borders UK for pottery sale |url=http://www.thebookseller.com/news/106531-page.html |url-status=dead |archiveurl=https://web.archive.org/web/20091217182703/http://www.thebookseller.com/news/106531-page.html |archivedate=17 December 2009 |publisher=The Bookseller |df=dmy-all}}</ref> The publisher Hachette successfully took MCR to court for continuing to sell Hachette titles without first obtaining permission, obtaining a High Court judgement on 18 December 2009 that MCR was "incorrect" to do so.<ref>{{cite web |date=21 December 2009 |title=MCR 'incorrect' to sell Hachette stock, rules judge |url=http://www.thebookseller.com/news/107374-mcr-incorrect-to-sell-hachette-stock-rules-judge.html |url-status=dead |archiveurl=https://web.archive.org/web/20091221175513/http://www.thebookseller.com/news/107374-mcr-incorrect-to-sell-hachette-stock-rules-judge.html |archivedate=21 December 2009 |publisher=The Bookseller |df=dmy-all}}</ref>

A spokesman for MCR confirmed that unsuccessful bids had been made that had failed to meet expectations, including an offer from Richard Joseph, co-founder of Books Etc.<ref>{{cite web |date=21 November 2009 |title=MCR rejected Richard Joseph bid for Borders stores |url=http://www.thebookseller.com/news/107480-mcr-rejected-richard-joseph-bid-for-borders-stores.html |url-status=dead |archiveurl=https://web.archive.org/web/20091223070114/http://www.thebookseller.com/news/107480-mcr-rejected-richard-joseph-bid-for-borders-stores.html |archivedate=23 December 2009 |publisher=The Bookseller |df=dmy-all}}</ref> MCR announced that the 45 stores would cease trading and close their doors permanently on 22 December, claiming that it had not been possible to sell the chain.<ref>{{cite news |date=22 December 2009 |title=Borders shops to close on 22 December |url=http://newsvote.bbc.co.uk/1/hi/business/8421513.stm |accessdate=22 December 2009 |publisher=BBC News}}</ref> All staff members were made redundant on 24 December 2009.<ref>{{cite news |date=22 December 2009 |title=Borders jobs end on Christmas Eve |url=http://news.bbc.co.uk/1/hi/scotland/highlands_and_islands/8426865.stm |accessdate=22 December 2009 |publisher=BBC News}}</ref>

====2010 to Present==== The Books Etc. name and website, and the Borders database, were purchased by Capital Books Ltd. in January 2010. As of September 2025, Books Etc. still operates as an independent, family-run online business. The logo contained both the Books Etc. logo and the Borders logo to reflect the fact that Borders (UK) operated two different brands.<ref>[https://aldershot.cylex-uk.co.uk/company/books-etc--27017944.html Books Etc., Cyclex]</ref> The company Borders (UK) Limited was dissolved in August 2011.{{citation needed|date=September 2025}}

==eBook store== In July 2008, Borders (UK) launched an e-commerce website in a bid to try to take back a share of internet sales of books.{{citation needed|date= September 2025}}

On July 7, 2010, Borders opened an eBook store to allow books to be directly downloaded to an e-reader device or a Borders eReader app for the desktop, iPhone, iPad, BlackBerry, or Android.<ref>{{cite web |title=Borders Launches eBook Store, BlackBerry and Android Apps |url=https://www.pcmag.com/archive/borders-launches-ebook-store-blackberry-and-android-apps-252533 |website=PCMag |date=July 7, 2010}}</ref> Although branded as a Borders store, it was actually handled by Kobo, Inc.

On June 3, 2011, the Borders eReader apps were changed to Kobo eReader apps and users could transfer their Borders eBooks to their Kobo library.<ref>{{cite web |title=Borders sale may sell most bookstores in 2-4 weeks, lawyer says |url=http://detnews.com/article/20110603/BIZ/106030342/Borders-sale-may-sell-most-bookstores-in-2-4-weeks--lawyer-says |website=Detroit News |archive-url=https://wayback.archive-it.org/all/20110614173242/http://detnews.com/article/20110603/BIZ/106030342/Borders-sale-may-sell-most-bookstores-in-2-4-weeks--lawyer-says |archive-date=June 14, 2011 |date=June 3, 2011}}</ref>

==See also== {{Portal|Michigan|Companies|Books}} * Books in the United States * Retail apocalypse * List of retailers affected by the retail apocalypse

==References== {{reflist|30em}}

==External links== {{Commons category|Borders Group}} * [https://web.archive.org/*/www.borders.com Official Website] (Archive)

{{Bookstore Chains}} {{Sears Holdings}} {{Retailers in New Zealand}}

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