Borders Raises $25 Million
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Borders Group Inc. (NYSE:BGP) has raised $25 million from Bennett S. LeBow. The investment was made through the private purchase of 11.1 million shares of Borders’ common stock at a purchase price of $2.25 per share. Mr. Lebow has joined Borders Board of Directs as the Chairman of the company. LeBow is also Chairman of Vector Group Ltd.
“Ben’s investment will improve the company’s capital position, and provide greater stability as we execute strategies to transform the brand,” stated Borders Group Interim President and Chief Executive Officer Mike Edwards. “Ben brings the right combination of skills, experience, focus and fresh perspective to his role as the new Chairman of the Board of Directors. As an astute investor and business operator with a strong technology background and proven experience with driving company turnarounds, he will play an extremely important role in helping us redefine the Borders brand that is so critical to unlocking a turnaround for Borders.”