borders group http://michiganradio.org en Former Borders headquarters in Ann Arbor sold http://michiganradio.org/post/former-borders-headquarters-ann-arbor-sold <p>ANN ARBOR, Mich. (AP) - The former Ann Arbor headquarters of bookstore chain Borders Group has been sold.<br><br>The Ann Arbor office of Colliers International tells The Detroit News that the buyer requested a confidentiality agreement, so no name was publicly disclosed. Colliers International is handling the sale.<br><br>The 330,000-square-foot headquarters was listed last year for $6.9 million.<br> Sat, 09 Feb 2013 14:34:24 +0000 The Associated Press 11163 at http://michiganradio.org Former Borders headquarters in Ann Arbor sold Closing the book on Borders' Ann Arbor store http://michiganradio.org/post/closing-book-borders-ann-arbor-store <p>Today, the doors will close for the final time at the Borders bookstore in Ann Arbor.&nbsp;It&rsquo;s a significant milestone marking the final days of the Ann Arbor-based bookseller.&nbsp;</p><p>&ldquo;Well it&#39;s so sad&hellip;.we&rsquo;ll miss&rsquo;em&hellip;great store,&rdquo;&nbsp;one longtime Borders&nbsp;customer said as she walked out the door of the bookseller&#39;s flagship store.&nbsp;That is the feeling of many people who stopped by the Borders store in Ann Arbor on its last day. &nbsp;&nbsp;&nbsp;</p> Mon, 12 Sep 2011 17:22:19 +0000 Steve Carmody 4119 at http://michiganradio.org Closing the book on Borders' Ann Arbor store Borders Books liquidation moving forward http://michiganradio.org/post/borders-books-liquidation-moving-forward <p>What&rsquo;s left on the shelves at your local Borders bookstore is expected to be gone in about another month.&nbsp;&nbsp;The liquidation sales have been going on for nearly a month at Borders 399 bookstores across the U.S., including the company&rsquo;s 26 Michigan locations.&nbsp;&nbsp;&nbsp;</p><p>The Ann Arbor-based bookseller ended its fight to stay alive in July after repeated unsuccessful attempts to find a way out of bankruptcy-protection.&nbsp;</p> Mon, 22 Aug 2011 14:47:14 +0000 Steve Carmody 3852 at http://michiganradio.org Borders Books liquidation moving forward Borders prepares for important bankruptcy court date this week http://michiganradio.org/post/borders-prepares-important-bankruptcy-court-date-week <p>Attorneys for <a href="http://www.borders.com/online/store/BGIView_mediarelations">Borders </a>will be back in court this week&nbsp; asking a judge to give the troubled Ann Arbor-based book store chain more time to exit bankruptcy protection.&nbsp;&nbsp;When <a href="http://news.michiganradio.org/post/borders-files-bankruptcy">Borders filed for bankruptcy protection in February</a>, the hope was the bookstore chain would be able to quickly turn itself around.&nbsp; &nbsp;That apparently isn&rsquo;t happening.&nbsp;</p> Mon, 30 May 2011 19:59:01 +0000 Steve Carmody 2672 at http://michiganradio.org Borders prepares for important bankruptcy court date this week Borders Books liquidation sales coming to a close http://michiganradio.org/post/borders-books-liquidation-sales-coming-close <p>The company handling the liquidation sales at more than 200 <a href="http://www.borders.com/online/store/BGIView_aboutus">Borders</a> bookstores says most of those stores will close by this weekend.&nbsp; The liquidation sales have already been completed at many of the stores, including one in Ann Arbor.&nbsp;</p><p>Rick Kaye is a spokesman for <a href="http://www.hilcotrading.com/news/article.asp?ARTICLE_ID=264">Hilco Merchant Services</a>, the company handling the liquidation sales.&nbsp;&nbsp;</p> Tue, 19 Apr 2011 05:01:01 +0000 Steve Carmody 2117 at http://michiganradio.org Borders Books liquidation sales coming to a close Ann Arbor economic development leaders want to keep Borders HQ http://michiganradio.org/post/ann-arbor-economic-development-leaders-want-keep-borders-hq <p>Economic development leaders in Ann Arbor are hoping Borders Books will find a new home for its headquarters in city where the company started.&nbsp;</p><p>Four decades ago, Borders started as bookstore in Ann Arbor.&nbsp; With the big box bookstore chain now in bankruptcy protection, Borders executives are planning to move out of their Ann Arbor headquarters.&nbsp;</p><p>But where?&nbsp;&nbsp; As part of the company&rsquo;s bankruptcy plan, Borders is looking for less expensive office space to rent.&nbsp;</p> Mon, 11 Apr 2011 13:05:57 +0000 Steve Carmody 2007 at http://michiganradio.org Ann Arbor economic development leaders want to keep Borders HQ Borders spokeswoman insists decision to leave Ann Arbor has not been made http://michiganradio.org/post/borders-spokeswoman-insists-decision-leave-ann-arbor-has-not-been-made <p>A report in the <a href="http://online.wsj.com/article/SB10001424052748703806304576245572901115698.html">Wall Street Journal</a> suggested Borders plans to move its headquarters from Ann Arbor. But company spokeswoman Mary Davis insists no final decision has been made.&nbsp;&nbsp;&nbsp;</p><blockquote><p>&quot;We are looking at a number of options all around the greater metropolitan Detroit area including Ann Arbor. News reports are making it sound like the decision is final and we are moving out of Ann Arbor. That is not the case.&quot;&nbsp;&nbsp;&nbsp;</p></blockquote><p>The Wall Street Journal reported&nbsp;late last night that Borders will outline its&nbsp;future plans to a group of its creditors today. Part of those plans<a href="http://news.michiganradio.org/post/report-borders-leave-ann-arbor-metro-detroit"> involves moving out of the company&#39;s Ann Arbor headquarters</a>. The company has said&nbsp;the building no longer serves&nbsp;Borders needs. Borders issued a statement saying the company will&nbsp;look for a new facility in metro Detroit.&nbsp;&nbsp;</p><p>Borders filed for bankruptcy protection earlier this year. Since then, Borders&nbsp;moved to close more than 200 bookstores, including four in Michigan. Borders hopes to exit&nbsp;bankruptcy protection later this year, possibly in late summer or early fall.&nbsp;&nbsp;</p><p>Borders, once a leader in the nation&#39;s book selling industry, has struggled in recent years as book buyers have moved online. Wed, 06 Apr 2011 18:06:42 +0000 Steve Carmody 1939 at http://michiganradio.org Borders spokeswoman insists decision to leave Ann Arbor has not been made Borders will get more time to review bookstore leases http://michiganradio.org/post/borders-will-get-more-time-review-bookstore-leases <p>A federal bankruptcy judge has decided to give <a href="http://www.borders.com/online/store/Home">Borders Group</a> another 90 days to review leases for its bookstores.&nbsp;&nbsp; The Ann Arbor-based bookstore change is working to emerge from bankruptcy later this year. Borders is already closing 200 bookstores across the country, including 4 stores in Michigan.&nbsp;&nbsp; Borders is expected to announce plans to close additional stores and renegotiate leases on about 600 other outlets.&nbsp;</p> Tue, 15 Mar 2011 20:45:22 +0000 Steve Carmody 1668 at http://michiganradio.org Borders will get more time to review bookstore leases Borders Books liquidation sale begins Saturday at closing stores http://michiganradio.org/post/borders-books-liquidation-sale-begins-saturday-closing-stores <p>The company handling the liquidation sales at some 200 <a href="http://www.borders.com/online/store/Home">Borders Books</a> stores announced today the sales will begin Saturday.&nbsp;&nbsp;<a href="http://www.hilcomerchantresources.com/news/article.asp?ARTICLE_ID=264"> Hilco Merchant Resources</a> of Chicago issued a press release saying the liquidation will begin with 20 to 40% on all merchandize with some exceptions.&nbsp;Over $350 million of inventory including books, magazines, music and movie media, calendars, posters and more will be liquidated.&nbsp;&nbsp;</p> Fri, 18 Feb 2011 21:52:37 +0000 Steve Carmody 1351 at http://michiganradio.org Borders Books liquidation sale begins Saturday at closing stores Borders: What's Next? http://michiganradio.org/post/borders-whats-next <p><a href="http://www.borders.com/online/store/BGIView_irnewsreleases">Borders Books&rsquo; </a>successful trip through bankruptcy is contingent on deals with publishers.&nbsp; &nbsp;&nbsp;Borders filed for bankruptcy protection Wednesday.&nbsp;</p> Thu, 17 Feb 2011 14:12:25 +0000 Steve Carmody 1325 at http://michiganradio.org Borders: What's Next? Could a Borders bankruptcy be a boom for independent bookstores? http://michiganradio.org/post/could-borders-bankruptcy-be-boom-independent-bookstores <p>Independent bookstore owners are not sure whether <a href="http://www.borders.com/online/store/BGIView_aboutus">Borders Books</a> expected bankruptcy filing this week will be good news for their businesses.&nbsp;</p><p>Analysts expect Borders will close 200 or more stores as part of any bankruptcy plan.&nbsp;&nbsp;</p><p>When Borders Books and other mega-bookstore chains started opening 40 years ago, it seemed like the end for many small local bookstores.&nbsp;&nbsp; They found it difficult to compete with the big stores with their wider selections, coffee bars and other amenities. But the obituary for the corner bookstore was a bit premature.&nbsp;&nbsp;</p><p>Now that online book sales and e-book readers are shrinking the market for big-box bookstores,&nbsp; the smaller footprint booksellers suddenly have a brighter future. Deb Leonard is the executive director of the <a href="http://www.gliba.org/">Great Lakes Independent Bookseller Association</a>.&nbsp;</p><blockquote><p>&ldquo;Those independent stores in those neighborhoods will benefit because people need a place to go.&rdquo;</p></blockquote><p>Leonard says, in some cases, local bookstores might consider taking over former Borders locations. Tue, 15 Feb 2011 18:56:39 +0000 Steve Carmody 1300 at http://michiganradio.org Could a Borders bankruptcy be a boom for independent bookstores? Next chapter or Final chapter for Borders http://michiganradio.org/post/next-chapter-or-final-chapter-borders <p><a href="http://www.borders.com/online/store/PartnerSiteInvestorsView">Borders Books</a> is expected to begin its next chapter this week. The Ann Arbor based bookseller is expected to file for bankruptcy protection Monday or Tuesday.&nbsp;</p><p>On Friday, the <a href="http://blogs.wsj.com/deals/2011/02/11/borders-nearing-bankruptcy-whats-next/?KEYWORDS=borders">Wall Street Journal</a> reported Borders will likely file for bankruptcy protection this week. Borders stock fell by a third on the news.</p><p>It’s not like the news was unexpected. Borders has been struggling financially for years. Less than a year ago,&nbsp; investors were paying more than $3 for a share of Borders stock. When the market closed Friday, you could have bought a share of Borders Books for 25 cents.</p><p>Borders is still the nation’s number 2 traditional bookstore with more than 600 stores. But as book buyers have spent more online, Borders’ share of the total book market has shrunk.</p><p>It’s been delaying payments to publishers and others since December, as the company has tried to hang on to some cash. Borders’ bankruptcy plan reportedly includes closing more than 200 stores.&nbsp;</p><p>No word on what the plan is to convince book buyers to return to Borders.<p><div class="dipity_embed" style="width: 425px;"><iframe src="http://www.dipity.com/brshort/The-Rise-and-Fall-and-Re-Rise-of-Borders-Group/?mode=embed&amp;#tl" style="border: 1px solid rgb(204, 204, 204);" height="300" width="425"></iframe><p style="margin: 0pt; font-family: Arial,sans; font-size: 13px; text-align: center;"><a href="http://www.dipity.com/brshort/The-Rise-and-Fall-and-Re-Rise-of-Borders-Group/">The Rise and Fall (and Re-Rise?) of Borders Group</a>. Mon, 14 Feb 2011 14:51:18 +0000 Steve Carmody 1273 at http://michiganradio.org Next chapter or Final chapter for Borders Borders Books may file for bankruptcy Monday http://michiganradio.org/post/borders-books-may-file-bankruptcy-monday <p>The <a href="http://online.wsj.com/article/SB10001424052748704329104576138353865644420.html?mod=WSJ_business_whatsNews">Wall Street Journal</a> is reporting that <a href="http://www.borders.com/online/store/BGIView_irnewsreleases">Borders Group</a> may file for bankruptcy protection on Monday or Tuesday next week. The Ann Arbor-based bookseller has struggled in recent years as book buyers have migrated from big box stores to the web.</p> Fri, 11 Feb 2011 19:46:53 +0000 Steve Carmody 1259 at http://michiganradio.org Borders Books may file for bankruptcy Monday Borders Books "One foot in the grave and one foot on a banana peel" http://michiganradio.org/post/borders-books-one-foot-grave-and-one-foot-banana-peel <p>http://stream.publicbroadcasting.net/production/mp3/michigan/local-michigan-951522.mp3</p><p>This could be a pivotal week for the future of <a href="http://www.borders.com/online/store/BGIView_irnewsreleases">Borders Books</a> with some sources saying the company could seek bankruptcy protection.&nbsp;&nbsp;&nbsp;&nbsp;</p><p>The Ann Arbor-based bookseller delayed payments to publishers and others the past two months.&nbsp;&nbsp; The company has been trying to negotiate with its vendors and come up with a plan to move forward. &nbsp;&nbsp;&nbsp;Borders has a half billion dollar financing deal in place, if it can come to terms with its vendors.&nbsp;</p><p>Jeff Manning is a managing director with <a href="http://www.bdocap.com/professionals/index.aspx">BDO Capitol Advisors</a>.&nbsp;&nbsp; Manning’s company closely follows the retail market.&nbsp;</p><blockquote><p>"The challenge,&nbsp; if you look at the statistics,&nbsp; majority of companies that enter bankruptcy do not emerge.&nbsp; If you look at recent statistics with retailers, an awful lot of retailers have gone straight into liquidation."&nbsp;</p></blockquote><p>Manning expects Borders’ vendors will decide it’s more in their interest to keep&nbsp;Borders viable.&nbsp;He says, if Borders does file for bankruptcy, the company will probably exit bankruptcy before Christmas.&nbsp;&nbsp; But Manning says Borders execs must be careful, since the bookseller is in a precarious position:</p><blockquote><p>"One foot in the grave and one foot on a banana peel," says Manning.</p></blockquote><p>&nbsp;</p><div class="dipity_embed" style="width: 425px;"><iframe src="http://www.dipity.com/brshort/The-Rise-and-Fall-and-Re-Rise-of-Borders-Group/?mode=embed&amp;#tl" style="border: 1px solid rgb(204, 204, 204);" height="300" width="425"></iframe><p style="margin: 0pt; font-family: Arial,sans; font-size: 13px; text-align: center;"><a href="http://www.dipity.com/brshort/The-Rise-and-Fall-and-Re-Rise-of-Borders-Group/">The Rise and Fall (and Re-Rise?) of Borders Group</a>. Mon, 07 Feb 2011 16:07:04 +0000 Steve Carmody 1187 at http://michiganradio.org Borders Books "One foot in the grave and one foot on a banana peel" More problems at Borders Books http://michiganradio.org/post/more-problems-borders-books <p><a href="http://www.borders.com/online/store/PartnerSiteInvestorsView">Ann Arbor-based Borders Books</a> announced Sunday that it would be delaying January payments to its landlords, vendors&nbsp;and others. Borders also delayed payments in December.&nbsp;&nbsp;</p><p>Borders says the move is intended to ‘protect liquidity’. Borders has been losing money for years, as book buyers have increasingly turned to the internet.</p><p><a href="http://www.simbainformation.com/about/?view=6">Michael Norris</a> is the senior trade book analyst with Simba Information. He says there is one problem Borders executives must find a solution for.&nbsp;</p><blockquote><p>They need to answer the question 'Why should I shop at Borders? They should tattoo that question backward on their forehead so they can see every time they look into the mirror every morning.</p></blockquote><p>Borders lined up a half billion dollars in financing last week to help the book seller stay afloat. But the company may still be headed toward bankruptcy protection Mon, 31 Jan 2011 03:31:45 +0000 Steve Carmody 1083 at http://michiganradio.org Books without Borders? Authors ponder future of bookselling http://michiganradio.org/post/books-without-borders-authors-ponder-future-bookselling <p>Ann Arbor-based <a href="http://www.borders.com/online/store/BGIView_irnewsreleases">Borders Books</a> may be able to stave off bankruptcy, thanks to a new financing deal announced this week .&nbsp;&nbsp;&nbsp;&nbsp; Professional writers are waiting to see what the company’s next chapter will bring.&nbsp;</p> Fri, 28 Jan 2011 17:42:38 +0000 Steve Carmody 1072 at http://michiganradio.org Books without Borders? Authors ponder future of bookselling Borders Books gets lifeline (but will it be enough?) http://michiganradio.org/post/borders-books-gets-lifeline-will-it-be-enough <p><a href="http://www.borders.com/online/store/BGIView_irnewsreleases">Borders Books </a>has been struggling to survive.&nbsp;</p><p>Yesterday, the Ann Arbor bookseller announced it had lined up $550 million dollars in financing to stay afloat.</p><p>The deal is contingent on Borders reaching a deal with book publishers. It's been reported that the company set a February 1st deadline for the publishers to agree to take up to a third of&nbsp;the booksellers debt. A Borders spokeswoman would only say the company has not stated a specific date.&nbsp;</p><p>The deal with GE Capital announced Thursday could help. Or it may not. <a href="http://online.wsj.com/article/SB10001424052748703893104576108543546257506.html?KEYWORDS=borders">The Wall Street Journal</a> is reporting that Borders is&nbsp;still looking for money to finance the company through a possible bankruptcy filing. Fri, 28 Jan 2011 14:00:59 +0000 Steve Carmody 1058 at http://michiganradio.org Borders Books gets lifeline (but will it be enough?)