Borders Group, Inc. will get a $25 million transfusion, and a new Chair of the Board. Vector Group, Ltd. will get 11.1 million shares of the bookseller and two seats at the table.
An interesting quote from the outbound Chair, while Richard McGuire itemizes the steps the troubled bookseller has taken to improve its position, he includes arranging the brick & mortar experience to succeed in a future of electronic delivery. Huh. And I thought it was Borders Books & Music.
$25mm isn't a lot of money, but I hope it will keep Borders afloat.
I wonder though if the in-store experience isn't about holding, perusing, browsing the good ol' paper and glue; admiring the slick covers and toothy cloth. If it's an electronic delivery future, why not just order the stuff online? I sense stores closing. I hope I'm wrong.
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