We regret to confirm that Direct Brand’s proposed agreement to keep Borders operating is no longer supported by the deciding parties. The deciding parties’ legal team and financial advisors have elected another option which is in contrast to what we had envisioned for the future of Borders. However, we remain willing, ready and able to move forward should the deciding parties instead choose to work with us and our existing offer.
From day one, our intention had been to keep Borders intact and to provide the best long-term outcome for Borders’ loyal customers, publishers, employees and the entire book industry. We are disappointed with today’s decision. We remain steadfast in our commitment to our current publishing and home entertainment portfolio, as well as our recent acquisition of the same businesses in France, Switzerland and Belgium.