US parent of Borders Books, Borders Group Inc. has announced that they have agreed a put agreement open untill 15th Jan 2009, to sell It’s Australia, New Zealand and Singapore subsidiaries, and Paperchase, as well as its approximately 17% interest in Bookshop Acquisitions, Inc. (Borders U.K.) after the company has pursued a sale process otherwise sell those assets. The agreement is with Pershing Square its major shareholder and is a measure that enables Borders to confidently restructure its debts, however is a clear indication that these assets will be sold one way or the other in less than 12 months.
The Borders Group operates over 515 Borders superstores in the U.S.; 31 Borders stores outside the U.S., in Australia, New Zealand, Singapore and Puerto Rico; and 520 stores in the Waldenbooks Specialty Retail segment. The firm also owns London-based Paperchase Products Limited, a retailer of stationery, cards and gifts with 110 locations outside the U.S., including stand-alone stores and franchises. There are also more than 315 Paperchase shops located within U.S. Borders superstores and the company recently opened its first stand-alone Paperchase shop in Boston