Borders won't sell company, may sell division

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Borders Group, Inc. said management is no longer considering a sale of the company as part of its review of strategic alternatives.

The company does, however, retain the right to exercise its put option to sell its Paperchase Products Ltd. division to Pershing Square Capital Management for $65 million.

According to a Borders news release, the company is also discussing an alternative financing transaction with Pershing Square.

It was previously reported that the Ann Arbor, Mich.-based book retailer began its review process in March 2008.

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