Company Profile

Company Description:

Borders, Inc. owns and operates world-class retail outlets throughout the United States. In 1997, Borders opened its first overseas location in Singapore. 1998 saw the opening of three stores in the United Kingdom, and one in Australia. Borders stores feature a vast inventory of books, music, videos and host a fascinating series of in-store appearances by authors, musicians, and artists. Most Borders stores also offer a casual espresso cafe. Borders began in 1971, when Tom and Louis Borders opened a "serious" book shop in the heart of Ann Arbor, an academic community in southeast Michigan, USA. As it grew, the first Borders store became known as one of the finest book shops in the world -- a place where customers could always rely on a friendly, well-informed staff to find exactly what they were looking for, or browse solo for hours through shelves stocked with everything from African poetry to Zoroastrian theology. The Ann Arbor store was so successful that the Borders brothers decided to open more stores. Venturing into new territory, they targeted suburban markets, where demand for "serious" book stores was untested. The concept worked. Borders was a hit everywhere it opened. In the early 1990s, Borders began selling music in addition to books. As the inventory and the company expanded, competitors and investors took serious notice, and the Borders brothers decided to go national. At the same time, large book chains started emulating the Borders concept. Now, several companies are opening Borders-style book and music superstores at a furious pace, and the market is expanding rapidly. Since 1991, national book store sales have grown from $7.8 billion to over $10 billion in 1994. Borders has captured an ever-increasing share of this market, and the company is now one of the nation's leading book and music retailers. By late1999, Borders will have nearly 300 stores. In 1992, Borders was acquired by Kmart Corporation. This affiliation lasted three years. In April 1995, Borders bought its stock back from Kmart and raised new capital through an initial public offering, joining forces with Waldenbooks to form Borders Group, Inc.. The company is now an independent, publicly owned corporation. Its shares (BGP) are traded on the New York Stock Exchange. In 1997, the Borders Group launched a new subsidiary, Borders Online, Inc. This company oversees the production of the Borders.com website, where you can purchase book, music, and video titles online from the comfort of your own home or office. Borders Online, Inc. All rights reserved.