Borders to explore 'strategic alternatives' for international operations UPDATE |
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Thu, 22 Mar 2007 11:18
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(Adds detail)LONDON (AFX) - Borders Group Inc, the books and music retailer, said it is to explore 'strategic alternatives' for the majority of its international operations, including the Borders superstores in the UK, Ireland, Australia and New Zealand as well as the Books etc chain in the UK.The Fortune 500 company said the move reflects its decision to focus on the US Borders superstore business as key to its future growth.'We look forward to exploring all our strategic options with the business in order to optimise shareholder value,' said George L Jones, president and chief executive officer of Borders Group.The group will retain its Paperchase gifts and stationery business, franchise operations in Malaysia and Dubai and its stores in Puerto Rico. The company will also retain operations in Singapore, which support the franchise business.In 2006, Borders Group's international segment made annual sales of 650.0 mln usd, a 12.8 pct increase on the prior year.International sales represent approximately 16 pct of total group sales and the UK and Ireland represents approximately 70 pct of that segment.Borders UK and Ireland comprises Borders superstores (42 stores on high streets and retail parks) and Books etc and Borders Express (30 high street and airport stores). The business employs more than 2,000 people.Borders Group entered the UK market in 1998 following the acquisition of Books etc.It has retained Merrill Lynch to assist in the process.newsdesk@afxnews.comjdd/vlbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Borders to explore 'strategic alternatives' for international operations 