History
In September 2007, Borders (UK) Ltd. was acquired by Luke Johnson's London-based private equity investor Risk Capital Partners in a deal purportedly worth £20 million. Bookshop Acquisitions Ltd. - a subsidiary of Risk Capital Partners - was specifically set up for the purchase and the deal included the right to use the Borders and Books etc. brand names consistent with the brand. Under the deal, Borders would receive an equity interest of about 17% in Bookshop Acquisitions.
In January 2008, David Roche stepped down as C.E.O. of Borders (UK) and was replaced by the chain's former managing director, Philip Downer. Upon his appointment, Downer called for a category review of the entire company although he made it clear there were no immediate plans to further change the structure of the business.
Subsequently, it was announced in March 2008 that Borders UK planned to close its distribution centre (based in Cornwall) on 29 August, in favour of having publishers and wholesalers deliver directly to its shops, this being exactly opposite to the decision of Waterstone's who planned to test and open their own distribution centre, colloquially referred to as 'The Hub', from the end of May.
In July 2008, Borders launched an e-commerce website. In a bid to try to take back a share of internet sales of books, the beta testing of their new transactional website commenced, due for full completion before the end of the month.
Borders sold eight London Books Etc shops to competitor Waterstones in August 2008 for an undisclosed sum.
Five Borders shops in Oxford Street, Llantrisant, Blanchardstown, Swindon and London Colney were closed in July 2009 and replaced by New Look. After July 2009, Borders was owned by Valco Capital Partners, part of Hilco, who specialise in distressed retailers.
At the end of September 2009, it was announced that the majority of the remaining Books Etc, and the two Borders Express shops, would be sold, and closing down sales began shortly after.
Read more about this topic: Borders (UK)
Famous quotes containing the word history:
“What is most interesting and valuable in it, however, is not the materials for the history of Pontiac, or Braddock, or the Northwest, which it furnishes; not the annals of the country, but the natural facts, or perennials, which are ever without date. When out of history the truth shall be extracted, it will have shed its dates like withered leaves.”
—Henry David Thoreau (1817–1862)
“In nature, all is useful, all is beautiful. It is therefore beautiful, because it is alive, moving, reproductive; it is therefore useful, because it is symmetrical and fair. Beauty will not come at the call of a legislature, nor will it repeat in England or America its history in Greece. It will come, as always, unannounced, and spring up between the feet of brave and earnest men.”
—Ralph Waldo Emerson (1803–1882)
“Spain is an overflow of sombreness ... a strong and threatening tide of history meets you at the frontier.”
—Wyndham Lewis (1882–1957)