InsideMobileApps InsideSocialGames 10,000 Words FishbowlNY FishbowlDC LostRemote TVNewser TVSpy AgencySpy PRNewser MediaJobsDaily UnBeige

Borders Group to Sell Paperchase for $31 Million

logo_print.gifToday Borders Group announced that they will sell the stationary card, and gift company Paperchase Products to Primary Capital, an investment management company based in the UK.

When the sale closes next week, Borders will gain $31 million from the sale. However, the company will use $25 million to help repay part of a $90 million debt. The bookseller will continue to stock Paperchase products in U.S. stores. In June, the bookseller made heavy layoffs on the Paperchase team.

Borders Group president Mike Edwards had this statement: “The sale of our Paperchase business is another major step in strengthening our balance sheet — and enables us to place an even greater focus on our financial and strategic initiatives, which are vital to a Borders turnaround and revitalization of the brand … We look forward to continuing our strong relationship with the Paperchase team to provide our customers with the wide array of fashionable gift and stationery products they’ve come to expect from Borders.”

Mediabistro Course

Nonfiction Book Proposal

Nonfiction Book ProposalStarting September 4,work with a literary agent to complete a full proposal that wins an agent and a contract! Ryan Harbage from The Fischer-Harbage Agency, Inc. will teach you how to convey your idea in a winning book proposal format, write your proposal letter, understand the nuts and bolts of the nonfiction book industry, and more. Register now!