100 Phoenix Drive
Ann Arbor, MI 48108
CEO: Michael Edwards
Stock Quote: BGP
Borders Group is the nation's second-largest book chain.
The company announced it will shut all of its remaning 399 stores and liquidate by the end of September.
The chain has been hurt by declining sales of books over the last several years, competition from digital media and the weak economy. The company put itself up for sale in 2008 but failed to find any buyers.
Borders Group filed for Chapter 11 bankruptcy in February 2011 and closed about 200 stores. The chain continued to lose money and decided to liquidate all stores.
The history of Borders Group is a tale
of two brands: Borders and Waldenbooks:
- In 1933, Larry Hoyt founded a single
book-rental library in Bridgeport, Connecticut, that later became
the successful chain of mall shops he called Walden Book Stores,
after Henry David Thoreau's well-known work.
- Tom and Louis Borders, two brothers living
in the college town of Ann Arbor, Michigan, opened a small used
bookshop called Borders Books in 1971 and later expanded the
operation to include several more stores in and outside of Michigan.
Their success was due, in part, to their revolutionary inventory
system that tailored each store's selection to the community
- By 1994, both brands were acquired by
Kmart, which formed the Borders Group.
- In 1995, remaining stock was purchased
back from Kmart and the new company went public on the New York
Stock Exchange under the symbol BGP. Waldenbooks relocated its
headquarters to join Borders in Ann Arbor, and both brands now
live under the same roof, serving some 30 million customers annually
in over 1,200 stores.
In June 2010, the company launched the Kobo electronic book reader with a 6-inch display.
Our employees clearly expect protection
when it comes to leading healthy and productive lives. For that
reason, our benefits and policies exceed marketplace standards.
The following is a highlight of our programs:
- Medical Plan
- Dental Plan
- Vision Plan
- Medical/Dental/Vision benefits for part-time employees
- Short- and Long-Term Disability Plans
- Health Care Flexible Spending Accounts
- Fitness Center Discounts
At Borders Group, we understand the importance you place
on leading a well-balanced life and meeting all of your family
needs and obligations. We encourage a balanced and family-focused
life through the following progressive policies and benefit offerings:
- Dependent Care Flexible Spending Accounts
- Domestic Partner Benefits
- Adoption Assistance
- Family Medical Leave
- Flexible Work Schedules
- Emergency Assistance and Bereavement Program through the Borders
Finding a company that provides ample support for your future
financial goals is a critical factor when deciding which company
to work for. At Borders Group, it's not just about the paychecks,
it's also about the realization that you need to plan for your
- Employee Savings Plan with Company Match
- Employee and Dependent Life Insurance
- Long-Term Care Insurance
- Scholarship Assistance Through the Borders Group Foundation
A balanced life requires a company that values the time you
spend away from work. That's why we make sincere efforts, like
the following, to give our employees the time they need to lead
a well-balanced life. Whether through our paid time-off plans,
or our flexibility in scheduling, we strive to meet the needs
of our employees. A highlight of our programs includes the following:
- Company Paid Vacation
- Paid Sick/Personal Days
- Flexible Work Schedules
- Paid Holidays
- Bereavement Pay
- Jury Duty Pay
- Borders, Waldenbooks and Borders Express Merchandise Discount
- 1-800-FLOWERS Discount
- Citibank at Work Discount
- Group-Rate Tickets to Events
- Cingular Wireless Discounts
- T-Mobile Hotspot Discounts
- Daimler Chrysler Vehicle Discounts
- Auto Insurance Discounts
- Homeowners Insurance Discounts
- Promotion from Within Philosophy
- Excellent Working Environment
- Casual Dress Code
- A Focus on Diversity in Our Employee Base
- Career Advancement Opportunities
- Access to Book Signings, Concerts, etc.
Updated July 20, 2011