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8-K - FORM 8-K - BORDERS GROUP INC | k50023e8vk.htm |
Exhibit 99.1
BORDERS RECEIVES NOTICE REGARDING NYSE LISTING CRITERIA
Ann Arbor, MI, February 4, 2011 Borders Group, Inc. (NYSE: BGP) today reported that on
February 3, 2011, it was notified by NYSE Regulation, Inc. that it was not in compliance with
the continued listing standard of the New York Stock Exchange, Inc. (the NYSE) requiring a
minimum average closing price of $1.00 per share over a consecutive 30 trading day period. Subject
to providing required notice to the NYSE, the company is entitled to a six-month period from the
date of the notification to cure this deficiency. During this period, Borders shares would
continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued
listing standards.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP News) is a leading
specialty retailer of books as well as other educational and entertainment items. The company
employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks®
stores. Online shopping is offered through borders.com. Find author interviews and vibrant
discussions of the products we and our customers are passionate about online at
facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about
the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of
words such as expect, believe, planning, possibility, opportunity, goal, will, may,
intend, anticipates, working toward and other words of similar meaning. One can also identify
them by the fact that they do not relate strictly to historical or current facts.
These statements are subject to risks and uncertainties that could cause actual results and
plans to differ materially from those included in the companys forward-looking statements. These
risks and uncertainties include, but are not limited to, the risks that the company may not be
successful in regaining compliance with the NYSE continued listing standards, that the companys
shares may cease to trade on the NYSE or another securities exchange, and that the delisting of the
companys shares from the NYSE may give rise to a contractual obligation to repurchase for cash at
their fair value certain stock purchase warrants issued by the company to Pershing Square Capital
Management. L.P. and its affiliates.
The companys periodic reports filed from time to time with the Securities and Exchange
Commission contain more detailed discussions of these and other risk factors that could cause
actual results and plans to differ materially from those included in the forward-looking
statements, and those discussions are incorporated herein by reference. The company does not
undertake any obligation to update forward-looking statements.