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Borders Group, Inc.
Company typePublic (formerly)
IndustryRetail (books and stationery)
Founded1 January 1971; 55 years ago (1971-01-01) in Ann Arbor, Michigan, United States
FounderTom Borders, Louis Borders
DefunctSeptember 2011 (2011-09)
FateLiquidated; trademarks acquired by Barnes & Noble
Headquarters
Ann Arbor, Michigan
,
United States
Area served
United States, United Kingdom, Ireland, Singapore, Australia, New Zealand, Malaysia, United Arab Emirates, Middle East
Key people
Robert F. DiRomualdo (former president), Philip Pfeffer (former CEO), Ron Marshall (former CEO)
ProductsBooks, stationery
Number of employees
19,500 (including Waldenbooks) (2011)
Websitewww.borders.com (defunct)

Overview

Borders was a global retailer specializing in books and stationery. Established in 1971 by siblings Tom and Louis Borders in the United States, the inaugural store was launched in Ann Arbor, Michigan.

In October 1992, Kmart acquired the company, which later separated as an independent entity named Borders Group, Inc. in 1995, maintaining its headquarters in Ann Arbor. During this period, it operated Waldenbooks as a subsidiary. Borders began international expansion with a move into Singapore in 1997, followed by entries into Australia and New Zealand. The United Kingdom market was entered in 1998, with Ireland following later. The company extended its footprint to Malaysia in 2005 and partnered with Al Maya Group to open stores in the United Arab Emirates in 2006, subsequently broadening its presence across the Middle East.

In September 2007, Risk Capital Partners acquired Borders outlets in the UK and Ireland, along with rights to use the Borders brand name. The following year, in June 2008, REDgroup Retail took ownership of Borders stores in Singapore, Australia, and New Zealand under a licensing agreement for the brand.

Borders faced significant challenges leading to closures: by November 2009, stores in the UK and Ireland entered administration and shuttered by year-end, resulting in approximately 1,150 job losses. In June 2011, the franchised Borders locations across Singapore, Australia, and New Zealand ceased operations after their franchisor went into administration. The U.S. operations were liquidated in July 2011 after unsuccessful efforts to find a buyer; at that time, Borders employed nearly 19,500 staff nationwide including those at Waldenbooks stores. The final American outlets closed by September of that year.

Following these developments, rival Barnes & Noble acquired Borders’ trademarks and intellectual property rights in September 2011. While Borders continued under renewed franchise agreements with Barnes & Noble in Malaysia and the Middle East, attempts to revive the brand in Singapore during 2013 were unsuccessful. In 2015, Al Maya Group secured full ownership of regional Borders trademark rights from Barnes & Noble and expanded the product range to include books, toys, and stationery. The Malaysian Borders franchises ultimately ceased operations in August 2023.

History

File:Borders flagship store.jpg
Borders No.1, downtown Ann Arbor, Michigan, 2005

Borders bookstore first opened its doors in 1971 at 209 South State Street, Ann Arbor, Michigan, United States. The enterprise was launched by brothers Tom and Louis Borders while they were students at the University of Michigan.

In 1975, the Borders brothers acquired the inventory of Wahr's, a bookstore with an 80-year history that was closing its location at 316 South State Street. They appointed Michael Hildebrand and Harvey James Robin to oversee management and curate a collection of rare books. Hildebrand brought experience from managing Gibson's used and rare book section in East Lansing, while Robin had expertise in book restoration and operated a bindery on the upper floor. Although Wahr's had focused primarily on textbooks and school supplies, the Borders brothers chose not to engage in textbook sales. Subsequently, they relocated the retail operation to a larger venue at 303 South State Street, occupying the former Wagner and Son men's clothing store. The previous shop was rebranded as Charing Cross Bookshop, with Tom Frick transferred from the new location to assist.[1]

The company expanded by opening its second outlet in 1985 in Beverly Hills, Michigan.[2]

In 1994, the downtown Ann Arbor store relocated once more to 612 East Liberty Street, situated at the southwest corner of Liberty and State Streets. This site had previously housed the now-defunct Jacobson's Department Store. Although not the original premises, this location was designated as "Borders #1" and served as the flagship outlet.[3]

In 1989, Robert F. DiRomualdo, formerly president of Hickory Farms, was recruited to drive company growth.[4]

Kmart and Waldenbooks

In 1992, Borders was purchased by Kmart, which had previously acquired the mall-based chain Waldenbooks eight years earlier.[5][6][7] Kmart experienced difficulties managing its book division and experimented with product selections and discount pricing. By acquiring Borders, Kmart aimed to combine operations with Waldenbooks under the leadership of seasoned Borders executives to revive Waldenbooks’ performance.Template:Fix/category[citation needed] However, numerous members of Borders' senior management departed following the acquisition, leaving Kmart with a larger but more complex division amid aggressive expansion by competitors such as Barnes & Noble and Crown Books. Confronted with financial challenges and shareholder demands, Kmart spun off Borders in 1995 through a structured stock purchase plan. Initially named Borders-Walden Group, it was rebranded as Borders Group by year’s end.[8]

In 1994, Borders briefly ventured into mall-based toy and novelty retailing through All Wound Up stores. Most All Wound Up locations operated seasonally as kiosks within shopping malls.[9]

There were speculations about Borders entering the Canadian market with plans for a 50,000-square-foot (4,600 m2) retail store in Toronto; however, these plans were abandoned due to non-compliance with Canadian ownership regulations for book retailers.[10]

At one point, a renovated and enlarged Puerto Rico store ranked as the highest revenue-generating Borders location in the United States, achieving annual sales of $17 million.[11] Another prominent and successful U.S. location was situated at 5 World Trade Center in New York City, but it closed after sustaining damage during the September 11 attacks.[[Image:2008-11-10 Borders in Chapel Hill.jpg|thumb|right|A Borders store in Chapel Hill, North Carolina]

Modifications to business strategy

In 1998, Philip Pfeffer took over as chief executive officer, replacing Robert DiRomualdo.[12]

By 2003, the company operated a total of 1,249 locations under the Borders and Waldenbooks banners.[13]

In 2004, Borders partnered with Starbucks’ subsidiary Seattle's Best Coffee to introduce cafés branded as Seattle's Best within its U.S. superstores.[14]

In March 2007, the company declared plans to reduce the number of Waldenbooks stores by half, targeting approximately 300 locations within the following year.[15]

File:Borders headquarters building ann arbor michigan.JPG
Borders headquarters building, Ann Arbor, Michigan

During 2008, Borders launched fourteen innovative concept stores across the country that featured a Digital Center showcasing electronic gadgets such as MP3 players, digital photo frames, and the Sony Reader. These concept locations were established in cities including Ann Arbor, Michigan; Denver, Colorado; Las Vegas, Nevada; Panama City Beach, Florida; Noblesville, Indiana; Monroeville, Pennsylvania; and Alameda, California. The newest Digital Center store opened its doors in Alameda in January of that year.[16]

Towards the end of 2007, digital video screens were installed in select outlets by Borders. These displays presented curated content such as news updates, sports highlights, financial data, and special programming through Ripple Networks, Inc., a marketing firm based in California.[17]

Additionally, Borders introduced the Borders Rewards program—a complimentary membership offering discount coupons and chances to accumulate store credit—differentiating itself from Barnes & Noble’s paid membership discount model.[18][19][20][21] Emulating Barnes & Noble’s approach, Borders eliminated charges for Wi-Fi access at its stores in September 2009.[22]

Declining profits

Borders last recorded a profitable year in 2006, after which its annual revenue declined by approximately $1 billion over the following four years.

In March 2007, the company terminated its six-year marketing partnership with Amazon and initiated plans to establish its own online retail presence by early 2008.

By March 2008, Borders Group disclosed its intent to sell the chain due to ongoing financial struggles. There were rumors that Borders had approached Barnes & Noble seeking a potential acquisition. The company was heavily indebted, having borrowed $42.5 million in March from Pershing Square Capital Management, its largest shareholder, to maintain operations through the fiscal year. This loan carried a steep 12.5% interest rate, necessitating substantial profits for the company to remain financially viable. Following this announcement, Borders’ share price plunged 28.6% to $5.07 per share and continued to decline throughout the year. On December 11, 2009, shares traded at $1.30 on the NYSE, recovering slightly from a low of $0.53 on January 28, 2009.

File:Borders, Westfield SF Centre 2.JPG
Interior of a Borders store in San Francisco, California

On January 5, 2009, Ron Marshall assumed the role of chief executive officer. Former CEO George L. Jones received a severance package totaling $2.09 million. Concurrently, Mark Bierley was promoted to chief financial officer, replacing Ed Wilhelm. These leadership changes followed a reported 11.7% drop in holiday sales to $868.8 million. On January 13, Mick McGuire, previously a partner at Pershing Square, was appointed chairman of the board.

On March 30, 2009, Marshall announced an extension of the loan agreement with Pershing Square for an additional year, now due April 1, 2010, with a reduced interest rate of 9.8%. This development, combined with workforce reductions and new promotional agreements with key publishers, prompted Borders stock to rise above $1 per share within a week and near $2 by mid-April. Consequently, plans for a reverse stock split were abandoned.

On August 11, 2009, Borders announced replacements for five of its eight board members who had planned to resign. The new directors included Paul J. Brown from Hilton Hotels, Timothy V. Wolf of MillerCoors, and Dan Rose representing Facebook.

November 5, 2009 marked the announcement that Borders would close select Waldenbooks locations as part of efforts to enhance profitability within its Specialty Retail division. By January 2010, closures had affected 182 stores.

Holiday sales for 2009 were described as disappointing with total revenues reaching $846.8 million—approximately a 14.7% decrease compared to the previous year. Reports indicated significant reductions in employee work hours.

At the start of 2010, Borders operated 511 superstores across the United States alongside 175 Specialty Retail outlets including Waldenbooks, Borders Express locations, airport stores, and outlet shops.

On January 26, 2010, CEO Ron Marshall stepped down to lead The Great Atlantic & Pacific Tea Company as president and CEO. Following this announcement, Borders shares dropped below one dollar per share. Throughout his tenure at Borders, all senior executives departed or were encouraged to leave—some having served over two decades with the company. Mike Edwards, then vice president and chief merchandising officer, was appointed interim CEO.

By March 31, 2010, Borders reported full repayment of the Pershing Square loan. Subsequently in early April, its stock price rebounded to $2.45 per share.

On May 21, 2010 it was disclosed that Bennett S. LeBow—chairman of Vector Group—was making a significant private investment in Borders’ stock. This led to both LeBow and Howard Lorber (Vector Group’s president and CEO) joining the board of directors. Following chairman Mick McGuire’s resignation, LeBow was elected chairman.

LeBow assumed the role of CEO on June 3 while Mike Edwards became president of Borders Group and CEO of Borders Inc., its primary subsidiary.

The company posted considerable losses during the third quarter relative to the previous year. At year-end 2010, reports from Business Week and BBC News indicated that Borders planned to delay payments owed to publishers for inventory already delivered as a measure to conserve cash flow—prompted by challenges refinancing credit facilities.

Bankruptcy and liquidation

[[File:Borders store closing Pittsfield Township Michigan.JPG|thumb|left|Borders store closure in Pittsfield Township, Michigan]]

On February 16, 2011, Borders Group revealed that it had filed for protection under Chapter 11 bankruptcy, reporting assets valued at approximately $1.275 billion against liabilities totaling about $1.293 billion.[23][24] Concurrently, the company declared plans to liquidate and shut down 226 of its locations.[25] Interest in acquiring half of the remaining Borders outlets was expressed by two private equity firms, The Gores Group and Najafi Companies.[26]

Although Najafi Companies made an acquisition proposal, Borders was unable to secure a buyer that satisfied its creditors by the July bidding deadline. Consequently, the company initiated the liquidation process for its remaining 399 retail stores, with final closures occurring in September.[27]Template:Primary source inline The trademarks and customer database of Borders were subsequently purchased by competitor Barnes & Noble.

On July 1, 2011, Borders Group announced that Direct Brands would acquire its assets for $215 million while assuming approximately $220 million in debt.[28][29][30][31]

A person browses near mostly empty shelves with signs stating "Entire store 80-90% off! STORE CLOSING".
Vacant shelving within the Second Avenue (Manhattan) Borders location in New York City

In July 2011, a consortium of creditors declined the acquisition offer from Direct Brands.[32] Subsequently, Borders filed for an auction which received court approval;[33] however, no bids were submitted by the July 17 deadline.[34] A U.S. bankruptcy judge authorized liquidation proceedings;[35][36] leading to the conversion of their Chapter 11 case into a Chapter 7 liquidation.[37] On July 22, the company commenced closing its last remaining stores through a phased approach.[38][39] Operations ceased entirely by September of that year.[40] On July 19—the same day liquidation was authorized—competitor Books-A-Million, then the second-largest bookstore chain in the U.S., submitted a bid to acquire between thirty and thirty-five locations and related assets; however negotiations failed to produce an agreement.[41][42][43][44][45][46]

Subsequently, Books-A-Million renewed their offer to acquire portions of Borders Group by purchasing leases for twenty-one stores mainly located in New England and Pennsylvania.[47][48][49] Borders USA shuttered its final outlets on Sunday, September18 , .

File:Borders headquarters office equipment sale signs.JPG
'For Sale' sign on office equipment at Borders corporate headquarters located at100 Phoenix Drive , Ann Arbor , Michigan

The online Borders store ceased operations on September27 , , at10:30 pm Eastern Time.[50] A banner then appeared on the website allowing browsing but redirected customers to Barnes & Noble for completing purchases. Customers had until October29 , , to opt out of having their personal contact details and purchase history transferred to Barnes & Noble.[51] On October01 , , an email notification informed cardholders: "As part of Borders ceasing operations, we Barnes & Noble acquired some of its assets including brand trademarks and customer list." The federal bankruptcy court approved this transaction on September26 , .Template:Fix/category[citation needed]

International operations

File:Borders The Curve (211029).jpg
A Borders outlet formerly located in Petaling Jaya, Malaysia

Malaysia (no longer operating)

Borders Group launched its inaugural franchise store in Malaysia in April 2005 through a partnership with the Berjaya Books Sdn. Bhd., situated in Kuala Lumpur’s Berjaya Times Square. Initially promoted as the largest Borders store worldwide, spanning approximately 60,000 square feet (5,600 m2), this distinction was lost after a section of the store was shut down. The company’s second Malaysian outlet was established in The Curve, Mutiara Damansara, followed by a third at Queensbay Mall, Penang, which opened on December 7, 2006, but ceased operations on December 26, 2019. There have been ongoing speculations regarding a potential new store opening at the Sunway Pyramid mall.

Middle East (currently operational)

In October 2006, Borders inaugurated a franchise location within Dubai’s Mall of the Emirates. Despite facing challenges in its home market, the company pursued growth through franchising across the Middle East, including new stores in Oman and Sharjah. By late 2009, all Borders outlets owned directly overseas had either been sold or closed, leaving only franchise-operated stores in Dubai and Oman.

Borders outlets continue to function across Middle Eastern nations such as the United Arab Emirates, Oman, Qatar, and Kuwait. These franchises operate independently from the original Borders Group and were not impacted by its closures elsewhere. In 2015, Al Maya Group acquired lifetime rights to use the Borders brand throughout the Middle East, expanding its offerings to include books, toys, and stationery.

Singapore, Australia and New Zealand (ceased operations)

File:Borders Singapore.jpg
Borders' former flagship store at Wheelock Place, now closed

Borders made its first international expansion in 1997 by opening a store in Singapore occupying roughly 32,000 square feet (3,000 m2) at Wheelock Place on Orchard Road.

By the third quarter of 2006, this Singaporean location had become the top-performing store among Borders’ global network of 559 outlets, generating the highest revenue per square meter.

In 2008, to reduce debt obligations, Borders divested its stores in Australia, New Zealand, and Singapore to Pacific Equity Partners, which also owned rival retailer Angus & Robertson. This led to the creation of REDgroup Retail as part of debt repayment efforts. Following this sale, Borders stores in the US, UK (which was sold separately but entered administration in 2009), and Asia/Pacific regions operated under distinct ownership.

By July 2012, Pearson Australia Group rebranded the Borders website as Bookworld. CEO James Webber explained to The Australian that the Borders brand had lost its appeal globally and that rebranding offered a chance to rejuvenate the franchise. Existing customers were transitioned to Bookworld’s platform, which itself was later rebranded as Angus & Robertson.

The Borders brand continued under "Borders Asia Pacific," an unaffiliated entity until REDgroup entered voluntary administration in February 2011 with Ferrier Hodgson appointed as administrators. Following this announcement, customers were informed that gift vouchers would only be redeemable if matched with an equivalent cash purchase; unused vouchers expired after April 3. The five New Zealand locations were acquired by the James Pascoe Group, while Australian stores progressively shut down, with final closures occurring by July 2011.

The administration process prompted 25 franchised Angus & Robertson outlets to sever ties with REDgroup and become independent retailers. By late May 2011, 70 out of REDgroup’s 87 bookstores in New Zealand had been sold: ten airport-based Whitcoulls stores went to LS Travel Retail Pacific (Australia), while another 57 Whitcoulls and five Borders shops were acquired by James Pascoe Group.

File:Old Borders signage Lygon Court.jpg
Remnant Borders signage visible at Lygon Court in Carlton, Melbourne during renovations in October 2012. This location operated from 2002 until its closure in 2011.[52]

The flagship Borders outlet at Wheelock Place abruptly closed on August 16, 2011, with clearance activities completed by August 23. Subsequently, vouchers and gift cards issued by Borders Singapore were no longer honored. Attempts to redeem vouchers at other locations such as Parkway Parade were denied following the closure announcement. A clearance sale took place at Singapore Expo Hall 4B from September 2 to September 6, operating daily from 10 a.m. to 10 p.m. The final Singapore store ceased operations on September 26 at 9 p.m., concluding fourteen years of business just prior to lease expiration in October. Clearance discounts reached up to 70% during the last days of trading. Additionally, fixtures including shelving units, signage, baskets, and cashier computers were sold off during closing hours.

Stores

File:Borders Buchhandlung in Sydney, Bondi.jpg
Borders location in the Sydney suburb of Bondi Junction, situated on Level 4 of Westfield Bondi Junction, now permanently closed

Borders operated a total of 33 outlets spread throughout Australia,[53] New Zealand, and Singapore.[54] All locations ceased operations following the collapse of the parent company REDgroup Retail. [55]

The final Borders store in Singapore, located within Parkway Parade Shopping Centre, closed at 9 pm (Singapore time) after concluding a clearance sale on Monday, September 26, 2011.[56]Template:Fix/category[citation needed]

In late 2012, the Borders brand in Singapore was acquired by Popular Holdings. To test market viability, a single Borders outlet was launched at Westgate in 2013; however, this location was soon converted into a standard Popular bookstore.

United Kingdom and Ireland (defunct)

Borders expanded into the UK by acquiring 35 Books etc. stores from Philip and Richard Joseph.Template:Fix/category[citation needed]

Established in 1998 as a subsidiary of Borders Group, Borders (UK) Ltd. operated both Borders and Books etc. outlets. The company quickly became a prominent bookseller in the UK; however, intense market competition led to the closure of several Books etc. branches. In 2007, Borders (UK) Ltd. was sold to a private equity firm.[57] The chain earned multiple accolades including Bookselling Chain of the Year for 2005 and 2006, Chain Bookselling Company of the Year in 2006[58] and again in 2007,[58] Hachette Children's Retailer of the Year in 2007,[59] Magazine Destination Retailer of the Year in 2007, and Usborne Children's Bookseller of the Year in 2008.[60]

In March 2007, Borders Group declared its intention to divest its UK and Ireland operations, including Books etc., to concentrate on strengthening its core US business. Nonetheless, it retained ownership of the Paperchase stationery brand. Future international growth was planned through franchising arrangements.[61]

Typical Borders stores in the UK featured Paperchase stationery and Starbucks café outlets as concessions. Certain branches also included RED5 gadget and GAME video game concessions.

File:Borders Leeds Crop Etc.jpg
Borders store on Briggate in Leeds, West Yorkshire
File:Borders Bookshop Southampton Contrast Adjusted.jpg
Borders location in Southampton

In September 2007, Borders (UK) Ltd. was purchased by London-based private equity firm Risk Capital Partners, led by Luke Johnson, for £20 million. To facilitate this acquisition, Bookshop Acquisitions Ltd.—a Risk Capital Partners subsidiary—was formed; this agreement included rights to use the Borders and Books etc. brand names.[62] As part of the transaction, Borders retained approximately a 17% stake in Bookshop Acquisitions.[63] Despite this change of ownership, Borders UK and Ireland entered administration on November 26, 2009.

David Roche stepped down as CEO of Borders (UK) in January 2008 and was succeeded by former managing director Philip Downer. Upon taking office, Downer announced plans for a comprehensive review across all product categories but clarified that no immediate restructuring was planned.[64]

In March 2008, it was announced that Borders (UK) would shut down its distribution centre located in Cornwall by August 29, opting instead for publishers and wholesalers to deliver directly to retail outlets. This approach contrasted with competitor Waterstones, which intended to launch its own distribution hub—known colloquially as 'The Hub'—starting from late May.[65]

Borders introduced an e-commerce platform in July 2008. The beta phase for their transactional website began with an aim to regain market share within online book sales before the end of that month.

In August 2008, Waterstones acquired eight London-based Books Etc. stores from Borders for an undisclosed amount.[66]

Five stores located in Oxford Street, Llantrisant, Blanchardstown, Swindon, and London Colney were shuttered in July 2009 and replaced by outlets of New Look. Following this period, ownership transferred to Valco Capital Partners, affiliated with Hilco, which specializes in restructuring distressed retail businesses.[67]

By late September 2009, announcements were made that most remaining Books Etc. locations along with two Borders Express stores would be sold off,[68] with clearance sales commencing shortly thereafter.[69]

Administration

In November 2009, due to concerns over cash flow, the company initiated a search for potential purchasers. The day after, Borders' website ceased accepting book orders; however, sales of CDs and DVDs remained available via the Borders Entertainment site, which was managed by The Hut Group.

On 26 November 2009, Reuters initially reported that Borders (UK) had entered administration because it struggled to secure sufficient funds to operate through the critical Christmas season. This report was later retracted and replaced with a corrected statement indicating the company was considering administration. This development followed several challenging weeks during which the company was reportedly placed on credit hold by all major publishers and, after failed talks with WHSmith, continued its search for a buyer.

Later the same day, Borders (UK) Ltd formally entered administration. Although BDO was first intended to be appointed as administrators, a conflict of interest emerged. Consequently, MCR was selected by Borders' owners—Valco Capital Partners, affiliated with Hilco—to act as administrators. According to the BBC, MCR engaged specialist liquidators from Hilco for advisory support. The approach involved pursuing a buyer interested in acquiring the business as a going concern while simultaneously conducting closing-down sales.

On the evening of 27 November 2009, it was announced that all stores would begin closing-down sales starting the following day. Inventory on sale included Denby China, a separate entity acquired earlier in 2009 by Valco Capital Partners. Publisher Hachette successfully obtained a High Court ruling on 18 December 2009 against MCR for selling Hachette titles without prior authorization, with the court deeming MCR's actions improper.

MCR expressed its intention to find a buyer for the chain but declined a significant offer from Richard Joseph, co-founder of Books Etc., who sought to purchase several stores. A spokesperson for MCR confirmed that other bids had been received but none met required criteria. On 22 December 2009, MCR announced that all 45 stores would close permanently due to the inability to sell the business as an ongoing operation. Subsequently, all employees were made redundant on 24 December.

In January 2010, Capital Books Ltd acquired the BOOKS etc. brand name, website, and Borders' customer database. As of May 2022, Books Etc. continues to operate as an independent family-run online enterprise. The branding incorporated both Books etc. and Borders logos to signify that Borders (UK) operated under two distinct brands. The legal entity Borders (UK) Limited was officially dissolved in August 2011.

eBook store

On July 7, 2010, Borders introduced an eBook platform enabling customers to download books directly to e-reader devices or the Borders eReader application available for desktop, iPhone, iPad, BlackBerry, and Android devices. Despite carrying the Borders brand, the service was actually operated by Kobo, Inc.

By June 3, 2011, the Borders eReader applications were rebranded as Kobo eReader apps, allowing users to migrate their previously purchased Borders eBooks into their Kobo accounts.

See also

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  51. ↑ Template:Cite magazine Last="Lee" First="Stephan" Title="Barnes & Noble CEO on Borders' demise and future of customers" URL="https://ew .com/article /Date October01 , " Magazine="Entertainment Weekly" Access-date="January03 , "
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  53. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  54. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  55. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  56. ↑ Borders Facebook page with list of store closings Archived September 4, 2015, at the Wayback Machine
  57. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  58. ↑ 58.0 58.1 Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  59. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  60. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  61. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  62. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  63. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  64. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  65. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value). Template:Fix/category[dead link]
  66. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  67. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  68. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  69. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).

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