The USA's second largest book seller -- Borders Group Inc. , based in Ann Arbor, Michigan - announced today that it is exploring selling itself having just arranged for $42.5 million in financing from its largest shareholder (Pershing Square Capital) just to stay afloat.
It will be interesting to watch who might purchase Borders given the book industry's declining sales figures. Barnes and Noble should probably avoid buying the struggling Borders opting instead to sell books in new ways versus adding more retail space to its balance sheet. Personally I could see a private equity fund like Pershing take the company private like Chrysler Corporation is today.
Sadly I don't have the financial resources to buy Borders myself but I do have enough cash to buy the hugely discounted books I think Borders will be offering consumers to improve their cash flow.
Cheap books make for even better stories,
Todd
Showing posts with label book stores. Show all posts
Showing posts with label book stores. Show all posts
Friday, March 21, 2008
Monday, October 29, 2007
Book Store Closing
Since I love to explore book stores whenever I travel I try to post book store-related comments on this blog because these vendors are the backbone of an educated, civilized society.
That said, it is always sad when I read about another book store that is closing as is the case with Lee's Books located in downtown St. Paul, Minnesota. Lee Whited, owner of Lee's Books, stated in the article I read (www.twincities.com - October 19) that 90% of his revenues now come from online/Internet sales thus having a store front is an unnecessary cost of business for him.
Yes -- I am a scavenger so I plan to shop for some bargains at Lee's going out of business sale during the month of November but I have to laugh because Lee's landlord at the Lawson Commons building in downtown St. Paul is none other than the City of St. Paul government!! Yet another reason for governments to own very little in terms of real estate.
Good luck Lee,
Todd
That said, it is always sad when I read about another book store that is closing as is the case with Lee's Books located in downtown St. Paul, Minnesota. Lee Whited, owner of Lee's Books, stated in the article I read (www.twincities.com - October 19) that 90% of his revenues now come from online/Internet sales thus having a store front is an unnecessary cost of business for him.
Yes -- I am a scavenger so I plan to shop for some bargains at Lee's going out of business sale during the month of November but I have to laugh because Lee's landlord at the Lawson Commons building in downtown St. Paul is none other than the City of St. Paul government!! Yet another reason for governments to own very little in terms of real estate.
Good luck Lee,
Todd
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