Sunday, December 07, 2008

Borders isn't for sale anymore

Borders has been reported to be up for sale since spring, but now they are saying the "For Sale" has been taken down.
Ann Arbor, Mich.-based Borders Group Inc. recently reported a widening loss for the third quarter, but said it is no longer for sale.
The cynical side of me wants to sneer that the only reason they aren't for sale is that they figured out there are no buyers, but there's another side to the story (and sometimes we can overdo the cynicism):
The bookseller has been in the midst of a turnaround for more than a year, during which it weighed the possible sale of its core business. However, company executives said Tuesday that the progress made during that time will allow the company to stand on its own, even in the middle of an economic downturn. During the restructuring, Borders cut staff, sold select business units, revamped some stores and dramatically lowered its inventory and debt.
Good for them -- let's hope that the restructuring has enabled them to weather the storm.

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