Financier LeBow infuses $25 million in book chain, raising hopes for chain’s future
By APFriday, May 21, 2010
Summary Box: Borders gets new investor, chairman
BORDERS’ NEW INVESTOR: Financier Bennett LeBow is investing $25 million in the book chain and will become chairman.
HOW HE CAN HELP: The investment will be used to help strengthen the chain’s balance sheet and increase its online efforts.
BORDERS’ WOES: The no. 2 book chain has been hard hit by discounters and the move to digital publishing. Cost-cutting boosted the company’s fourth-quarter profit, but revenue remains weak.
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