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Bennett S. LeBow To Invest $25 Million in Borders

borderslogo23.pngVector Group, Ltd. chairman Bennett S. LeBow will invest $25 million into Borders Group, Inc., the bookseller announced today. The deal is expected to close today, and LeBow will have purchased 11.1 million shares in the bookseller.

Along with his sizable investment, LeBow joined the Board of Directors and was elected chairman of that board. Vector Group CEO Howard Lorber has also joined LeBow as a new member of the board. Current board chairman Richard McGuire has resigned from the board.

McGuire had this statement: “I am pleased to welcome Ben aboard as the new Chairman … Borders has made great progress in improving its financial and operating condition by exiting non-core businesses, reducing fixed costs, improving working capital efficiency, and focusing on operational excellence. More recently, the executive team has begun the process of repositioning the business and in-store experience to succeed in a future of electronic delivery. This effort is supported by an exceptional group of directors who were selected for the Board because of their expertise in the areas most critical to the company’s success. By adding Ben and Howard to this already talented group, the company is now in the best possible position to achieve its full potential.”

UPDATE: A previous version of this post attributed the investment to Vector Group.

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Lauren Berger Writes New Book for Young People Entering "Real World"

Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.