Ann Arbor watched Borders Group Inc. grow into the second largest book retailer in the nation, remaining the home of its corporate headquarters even as the chain formed the core of a company that grew to hundreds of stores generating over $1 billion in sales.
Today, the community remains a stakeholder as the bookseller sorts out its future amid industry turmoil, leadership changes and falling investor confidence.
News this week that Borders will soon be under the leadership of its third CEO since January 2009 sent the company’s stock falling to less than $1 per share. Its overall value, based on the stock price, fell to $56 million by Wednesday afternoon.
That news follows reports of lower-than-expected holiday sales and store closings, and ongoing concern - even as Borders is positioned to sell on Apple’s new iPad tablet - about its electronic reader strategy.
Amid uncertainty about the company’s direction, the economic impact of Borders on Washtenaw County can be felt in tax revenue, employment and real estate: More here.
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