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Borders No Longer for Sale

ANN ARBOR, MI-But the company is selling its Paperchase chain to Pershing Capital for $65 million.

By Debra Hazel | Updated on December 01, 2008

ANN ARBOR, MI-Borders Group is off the selling block, executives said at the company’s third-quarter conference call. In May, the company had announced a review of strategic alternatives, including a sale of the company. That alternative is no longer being considered, said CEO George Jones.

“We are no longer contemplating a transaction,” Jones said. “The process we undertook was very comprehensive; however, it has also been a notable distraction. We are pleased to have it behind us.”

However, Borders is retaining its right to exercise a put option to sell its Paperchase chain to Pershing Square Capital Management for $65 million, and is in discussions with Pershing Square regarding alternative financing.

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