Borders Books To Sell Paperchase
No, I’m not talking about The Paper Chase, the novel, movie and TV series featuring John Houseman. Instead, I’m referring to the UK stationary retailer that Borders purchased in 2004. Yes, according to Todd Sullivan of Seeking Alpha, Borders has hired Goldman Sachs “to conduct a review that ought to lead to a sale.”
Indeed, if you eyeball a May 27, 2008 Borders press release you’ll note the following under the International heading:
Management indicated that the strategic alternatives process for its Australia/New Zealand/Singapore and Paperchase businesses is ongoing.
Can I say again how much I dislike the euphemism “strategic alternatives process”. Putting aside this pet peeve, Borders has already sold the Australia business, so they’re not just talking but actually following through on these “strategic alternatives”.
This is yet another move by Borders to focus on the core business and the domestic (US) market. It makes sense whether they’re in it for the long run or simply making themselves pretty for a Barnes & Noble purchase.
As one Borders employee commented, “Paperchase is also losing money, and is a big waste of space.”
