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Borders Closes on Sale of Australia Business Plus New Zealand and Singapore Date: 6/12/2008 |
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Borders continued the pruning of its balance sheet on Tuesday by closing on the sale of its businesses in Australia, New Zealand, and Singapore to A&R Whitcoulls, an Austalasian retailer of books and related products owned by private equity firm Pacific Equity Partners. Borders cleared $90 million from the deal, with the potential for up to another $14 million next spring depending on the achievement of performance targets. Our favorite quote on the matter was a joke in Rick Aristotle Munarriz?s column on Motley Fool: What?s the difference between Borders Group and the cast of characters in ABC?s hit series Lost? One was lost leaving Australia, and the other left Australia because it was lost. |
| Source: ICv2 |
