Borders Group Inc. Posts

Barnes & Noble Reports $41 Million Losses For The Quarter

Barnes & Noble has reported a quarter with $1.5 billion in revenues and losses have been reduced to $41 million.  This is down from $57 million from last year.  The retail business has been up since Borders was shut down and “Fifty Shades Of Grey” did very well.  College sales increased quarterly losses by $2 million to $14 million.  Online sales fell 7.6% and the Nook business was flat.  Digital content sales shot up 46%.  Check out the press release below:

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Barnes & Noble Expects Borders Shut-Down To Boost Them Up To $200 Million

Barnes & Noble, Inc. (NYSE:BKS) reported that they are expecting a sales boost of $150-$200 million due to the dissolution of Borders book stores. Barnes & Noble expects a sales increase at stores that are open at least a year to increase 2-3% during their 2012 fiscal year, which starts May 1. Barnes & Noble acknowledged the competition they saw from Borders to find discounts due to the closing of 399 stores.
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Borders Website May Live On Past The Bankruptcy

After the liquidation of Borders book stores are done due to the bankruptcy of the company, the website may live on. Borders Group Inc. is asking the U.S. Bankruptcy Court in the Southern District of New York to allow the company to pursue the sale of its brand name, website, and other I.P.
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Borders Liquidating All Remaining Stores [Note From President]

Borders Group, Inc. (PINK:BGPIQ) is shutting down their remaining 399 stores. All 11,000 remaining employees across the company will be laid off. The bid deadlines for the company passed.
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Borders Group Believed To Have At Least One Offer

Borders recently had a routine hearing earlier this week. Judge Martin Glenn asked for an update from both lawyers. After returning from a brief meeting that was within earshot, the judge had adjourned the hearing. The judge was updated on whether there were bids for the company and sources say that at least one bid was made. Lease terminations for several properties were approved and Borders was also granted a request to extend the deadline for removing pending civil actions. [PublishersWeekly]

Borders Files For Chapter 11 Protection, Shutting Down 30% Of Nationwide Stores

Borders Group Inc. (NYSE:BPG) has filed for Chapter 11 protection today. The Ann Arbor, Michigan based company is shutting down 30% of their stores nationwide. Borders is seeking protection from creditors as they filed for bankruptcy at the U.S. Bankruptcy Court in Manhattan.
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Hedge Fund Manager Bill Ackman Loses $125 Million On Borders Bookstore Investment

Bill Ackman’s hedge fund Pershing Capital has lost $125 million on its investment in Borders Group Inc. Ackman admitted that the Borders investment was a mistake. Borders is rumored to be filing for bankruptcy on Monday or Tuesday. Borders’ entire market cap is less than $30 million as of right now as well. Ackman had an interest in financing a $900 million merger with Barnes & Noble. []

Borders Receives Notice About Not Being Compliant For NYSE Listing

Borders Group Inc. (NYSE:BGP) has received a notice from the NYSE Regulation, Inc. that they are not longer compliant with the continued listing standard of the New York Stock Exchange, Inc. (the “NYSE”). The NYSE requires a minimum average closing price of $1.00 per share over a 30 trading day period. Borders is being given 6 months from yesterday to fix the deficiency.